HARRISBURG, Pa., June 25, 2013 /PRNewswire-USNewswire/ -- The Pennsylvania Insurance Department today announced that it has reached a settlement agreement with Teachers Insurance and Annuity Association of America and TIAA-CREF Life Insurance Company, collectively known as TIAA-CREF.
This is the sixth in a series of multi-state settlement agreements requiring insurers to pay life insurance beneficiaries in a timely manner. TIAA-CREFF must implement business practices that use the Social Security Administration's Death Master File to promptly identify when a client has died, then locate and make payment to beneficiaries.
"The business reforms in this agreement benefit consumers by requiring companies to invest resources into efforts to locate beneficiaries of life insurance policies," Insurance Commissioner Michael Consedine explained. "We commend TIAA-CREF for its cooperation and willingness to doing the right thing for its policyholders to carry out this promise of protection."
This settlement agreement was reached through the coordinated efforts of six state insurance departments: California, Florida, Illinois, New Hampshire, North Dakota and Pennsylvania.
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.
Media contact: Rosanne Placey or Melissa Fox, 717-787-3289
SOURCE Pennsylvania Department of Insurance