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SOURCE Pennsylvania Department of Insurance
HARRISBURG, Pa., Feb. 27, 2014 /PRNewswire-USNewswire/ -- The Pennsylvania Insurance Department today announced that another multi-state examination concerning the use of the Social Security Administration's Death Master File (DMF) has concluded. This latest examination involving the United Services Automobile Association Group, USAA, resulted in findings that the company was compliant in its use of the DMF.
"USAA has been and continues to use the DMF consistently among product lines to locate and pay beneficiaries," Insurance Commissioner Mike Consedine said. "I am pleased that the examination findings show that USAA has properly used the DMF and I commend the company for upholding its commitment to policyholders."
The purpose of the multi-state examinations is to review the use of the DMF to promptly identify when a policyholder has died, and to locate and make payment to beneficiaries.
The companies within USAA that are part of this exam include USAA Life Insurance Company and USAA Direct Life Insurance Company. This multi-state examination was a result of the coordination among several state insurance departments, including New Hampshire as the lead state, California, Florida, Illinois, 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.
Consumers are also reminded to inform their life insurance beneficiaries of policies, have copies of any life insurance records in at least two places and tell loved ones where these records are maintained.
Media contacts: Rosanne Placey or Melissa Fox, 717-787-3289
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