Several States Reach Settlement with Prudential
New Hampshire insurance officials are announcing a $17 million settlement reached by seven states and Prudential Insurance over the company's use of the federal government's master death files.
New Hampshire was one of seven lead states that investigated Prudential's use of master death files kept by the Social Security Administration to cut off annuity payments to those who had died.
State insurance officials say the company did not use those same master files to try to locate beneficiaries when it learned a death had occurred.
In addition to New Hampshire, the lead states were New Jersey, Pennsylvania, Florida, Illinois, California and North Dakota. Other states may join the settlement and share the $17 million.
In the settlement, Prudential agrees to use the master death files to locate beneficiaries as well.
(Copyright 2012 by The Associated Press. All Rights Reserved.)