Life Insurers Under Le Microscope
We recently mentioned yet another settlement between a life insurance company and the states concerning efforts to search for beneficiaries of unclaimed life insurance policies. U.S. insurance regulators are not alone in focusing on this area. Recent news suggests that regulators across the Atlantic are likewise taking steps to insure that those beneficiary searches are conducted.
As a result of legislation passed in 2007 (Law 2007-1775) French life insurers have an obligation to search for the beneficiaries of unclaimed life insurance policies. According to a Reuters article, French life insurance company CNP Assurances was fined $50 million by the French Prudential Supervisory Authority for failing to take necessary steps to locate beneficiaries. The regulator estimates that there are unclaimed life insurance policies in France worth in excess of 2.7B euros.