On Sunday, April 17, the CBS news program “60 Minutes” aired a segment on the issue of unclaimed life insurance benefits. We want to share the following information for clarification and awareness with respect to MassMutual:
- MassMutual is fully committed to fulfilling the promises we make to our policyowners, as we paid our clients more than $4.5 billion in insurance and annuity benefits in 2015.
- For decades MassMutual has proactively checked the Social Security Death Master File (DMF) or its monthly updates on a regular basis against our policy databases to determine any possible claims, and either pay beneficiaries or report and remit unclaimed property.
- MassMutual was not found to have inappropriate practices and thus was not among the companies settling with certain state regulators.
- Importantly, in announcing the findings of a 2013 multistate targeted market conduct examination on companies’ claims handling procedures – and the use of the DMF – many of the state insurance commissioners, including Florida commissioner Kevin McCarty, who was interviewed in the “60 Minutes” segment, publicly recognized MassMutual’s practices as exemplary. He noted, “…despite industry practices to the contrary, MassMutual acted in an appropriate way by utilizing the DMF in an attempt to notify policyholder beneficiaries and provide them with the death benefits to which they were entitled.” The full press release issued by Commissioner McCarty’s office can be found here.