TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced a $4 million life claim settlement agreement has been reached with two companies (Aviva Life & Annuity Company and Aviva Life & Annuity Company of New York) who are collectively referred to as “Aviva.”
The settlement agreement with Aviva and other similar insurers focuses primarily on the asymmetrical use of the Social Security Administration’s Death Master File (DMF) to cease making annuity payments, but not to search for beneficiaries of a life insurance policy who may be due benefits. Aviva has agreed to implement business reforms correcting this practice and to make a multi-million dollar payment, which will be disbursed among the participating states. Florida’s allocation of the $4 million payment is expected to be over $342,000.
To view the entire press release as .pdf click here.
To view the press release online click here.