Florida regulators must pay back some $25 million in unclaimed property to residents. In addition, the money has returned to the state in a settlement agreement with American International Group over AIG Florida life insurance settlement advantages.
What Was The Issue?
AIG consented to settle the case stemming from the Florida life insurance provider’s problem. Moreover, this problem arose from comparing policyholder lists. Furthermore, the comparison was made from the Personal Protection Death Excel at Register to uncover beneficiaries of existing insurance procedures.
Regulators billed AIG’s troubles, resulting in thousands of residents not knowing they were due insurance benefits. Farther along, regulators mentioned that the insurer would not follow government legislation. In addition, this legislation demands the insurer to report the policy’s value to Florida’s Bureau of Unclaimed Property. However, the carrier only says when AIG could not find a beneficiary. This Bureau serves as the Florida clearinghouse for citizens.
What Happens After The AIG Florida Life Insurance Settlement?
Florida Insurance Quotes anticipated the twenty-five billion settlement to take several payments from AIG to the government. Florida’s settlement with AIG is the 5th this kind of agreement the government has settled. As a result, national insurers are utilizing the Personal Security information database. So far, those settlements have generated around 98,000 accounts, with more than $87.25 million paid to Florida residents through 2022.
Now that […]