The California Department of Insurance and regulators from six other states announced Thursday that they signed a settlement with Prudential Insurance Co. of America that requires the insurer to use enhanced research techniques to find beneficiaries of life insurance policies.
The agreement, said California Insurance Commissioner Dave Jones, should "ensure that when life insurance policyholders die, their beneficiaries receive the benefits owed."
Prudential is the first of more than half a dozen targeted insurance companies to settle with California and the other states, which include Florida, Illinois, New Hampshire, North Dakota, Pennsylvania and New Jersey.
"Our company remains committed to paying the claims of our customers..." said Bob DeFillippo, a Prudential spokesman. "Prudential is pleased to work with our regulators to develop and implement the best practices for our industry."