Pennsylvania Commends MassMutual's Compliant Business Practices
HARRISBURG, Pa., Aug. 22, 2013 /PRNewswire-USNewswire/ -- The Pennsylvania Insurance Department today announced that another multi-state review concerning the use of the Social Security Administration's Death Master File (DMF) has concluded. This latest review involved the MassMutual Companies and no issues were found.
"MassMutual was already using the DMF for more than two decades," Insurance Commissioner Mike Consedine said, adding that MassMutual's business practice was what the industry should have been doing all along. "MassMutual took its commitment and promise of protection seriously, using this information to locate and pay beneficiaries."
The purpose of the multi-state examinations is to review the use of the DMF to promptly identify when a policyholder has died, and to locate and make payment to beneficiaries. MassMutual's exam was conducted through the coordinated efforts of seven state insurance departments: California, Florida, Illinois, Massachusetts, New Hampshire, North Dakota and Pennsylvania.
The companies that make up the MassMutual Financial Group include Massachusetts Mutual Life Insurance Company, MML Bay State Life Insurance Company and C.M. Life Insurance Company
To see a copy of the full settlement agreement, visit www.insurance.pa.gov and click on the "consumer protection" tab.
Consumers with insurance questions should call the department's toll free number at 877-881-6388.
Consumers are also reminded to inform their life insurance beneficiaries of policies, have copies of any life insurance records in at least two places and let loved ones know where these records are maintained.
Media contact: Melissa Fox, 717-787-3289
SOURCE Pennsylvania Department of Insurance