Friday, May 20, 2011

Told Ya So!

In case you were wondering, it was never about compassion for "those left behind."

No, I'm not talking about tomorrow's planned events, but this:

"Last week, we reported on efforts in California and Florida to force life insurance companies to keep (better) track of their insureds ...

It is not, and never has been, the responsibility of a life insurer to track its insureds. If you move, then you darned well better let folks ... where you're headed."

We opined at the time that "the state does not, in fact, care about whether or not the rightful beneficiary benefits, just that the state itself gets (at least) a cut."


"The current probe of life insurers’ death benefits payment practices could help beneficiaries and state unclaimed property funds recoup “north of $1 billion,” Florida Insurance Commissioner Kevin McCarty said today." [emphasis added]

Does anyone seriously think the state cares one whit about beneficiaries? Of course not: this is simply another means of extracting unearned dollars for financially-strapped state governments. It's shameful, unjustifiable, and a waste of resources.

Not that I have any strong feelings on the subject, of course.
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