Business Reforms. The Company agrees that within sixty (60) days from the Effective Date of this Agreement, the Company shall adopt the following policies and procedures:
a. Perform comparisons, either directly or indirectly, of all of its in-force and l apsed Insureds, Accountholders, Annuity Contract Owners (for products with a Death Benefit payable upon death of such Annuity Contract Owner), and annuitants, for which the Company provides Recordkeeping services, against the DMF, or an equivalent database containing the same information as the DMF, on at least a monthly basis in accordance with the transition period set forth in Schedule B. The Company shall use the comparison criteria specified in Schedule A or other criteria as approved by the regulator. In the event that the Company uses different comparison criteria than those specified in Schedule A or otherwise approved by the regulator, the Company may be subject to sanctions to the extent that it obtains five percent (5%) fewer valid matches than would otherwise have been obtained using Schedule A or the approved criteria.
b. Subject to Schedule B, if the Company is not contacted by a Beneficiary within one hundred twenty (120) days of the Date of Death Notice, the Company shall promptly commence a Thorough Search, which shall be completed within one (1) year from the Date of Death Notice. At the conclusion of that one (1) year period, if (i) the Beneficiary cannot be located by a Thorough Search and (ii) the Company is unable to establish an Exception, it shall report and remit the death benefit proceeds as Unclaimed Property to the affected state(s) in accordance with the applicable Unclaimed Property Laws. The Company shall advise the Unclaimed Property agency that it in good faith has reason to believe that the death benefit proceeds will be reportable in the future as unclaimed property, shall show the agency the Company's efforts to locate the owner, and shall show that it has complied with the appropriate Unclaimed Property Laws necessary to report and remit the death benefit proceeds. If the Unclaimed Property agency fails to assume the liability of the death benefit proceeds and release the Company of all liability to the extent provided by the appropriate Unclaimed Property Laws, the Company shall no longer be required to remit the death benefit proceeds under this section and instead shall remit the death benefit proceeds to the affected State(s) within three (3) or five (5) years from Date of Death as a...
Business Reforms. Within sixty (60) days of the effective date of this Agreement, Aon shall undertake the following business reforms.
Business Reforms. In accordance with the implementation schedule described in Schedule B, Prudential will compare Prudential Records against the Death Master Update File every month and against the Complete Death Master File at least annually to identify Death Master File Matches for potential unclaimed death benefits. Prudential shall have no responsibility for errors, omissions or delays in information contained in the Death Master File. Furthermore:
a. The Company shall commence a Thorough Search within 120 days following the Date of Death, unless the Company receives a Date of Death Notice more than 120 days after the Date of Death, in which case the Company shall commence a Thorough Search within: (i) 45 days following its receipt of the Date of Death Notice for all group life insurance policies, or certificates issued thereunder; and (ii) 30 days following its receipt of the Date of Death Notice for all other Policies, Annuity Contracts and Retained Asset Accounts.
b. No further action will be required under this Agreement if at any point following a DMF match, Prudential determines that: (i) the Policyholder is not deceased; (ii) the unique biological individual identified on the Death Master File is not the Policyholder as reflected in a competent source or record maintained by or located in Prudential Records; or (iii) that no Proceeds are due under the applicable Policy, Annuity Contract, or Retained Asset Account.
c. In the event that a line of business conducts checks of its Policyholders against the DMF for Death Master File Matches at intervals more frequent than those provided for in this Agreement and such Death Master File Match results in action being taken with respect to a Policy, Annuity Contract, or Retained Asset Account, then that line of business shall share the relevant Policyholder information among applicable lines of business.
d. In the event that Prudential locates the Beneficiary following a Thorough Search, Prudential shall provide the appropriate claims forms or instructions, if required, to the Beneficiary to make a claim, including instructions as to the need to provide an official death certificate if consistent with law and the Policy, Annuity Contract, or Retained Asset Account. Prudential reserves the right to require satisfactory confirmation of death, including a death certificate, as due proof of death, before Proceeds are paid to a Beneficiary or a Beneficiary’s legal representative if consistent with law and the Policy, Annuity Co...
Business Reforms. Within sixty (60) days of the effective date of this Agreement, Marsh shall undertake the following business reforms.
Business Reforms. Within 90 days of the date of this Agreement, Principal shall undertake the following reforms with respect to its practices in the marketing, sale and placement of SPGAs. Principal will not undertake any transaction for the purpose of circumventing the prohibitions contained in this Agreement. These reforms shall not apply to any other current business or products at Principal, or to any products or services that Principal may develop or acquire in the future.
Business Reforms. Based upon extensive negotiations with the Settling Insurance Regulators, the Zurich Insurers agree to do the following:
Business Reforms a. As provided on pages six through eleven of the New York, Illinois and Connecticut Agreement, Aon shall undertake a number of business reforms related to the Known Regulatory Issues (“Business Reforms”).
b. The Business Reforms are hereby incorporated as if set forth fully herein and, except where prohibited by law, Aon agrees to implement the same in accordance with the applicable laws, regulations and judicial rulings of each state represented by a Signatory Insurance Regulator.
c. Aon shall file a certification with each Signatory Insurance Regulator, no later than May 31, 2006, executed by an officer of Aon, confirming the Business Reforms have been undertaken by Aon in each state represented by a Signatory Insurance Regulator as may be applicable pursuant to Paragraph B2b above (the immediately preceding paragraph).
d. Each Signatory Insurance Regulator shall have the ability to enforce the Business Reforms pursuant to the applicable state laws, regulations and judicial rulings of his/her individual state.
Business Reforms
