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Inside Washington (08/12/2010)
* WASHINGTON (8/13/10)--The Federal Deposit Insurance Corp. (FDIC) is looking into whether life insurers misled consumers about retained death benefits. It urged companies to disclose that the funds are not guaranteed by the government (Bloomberg Aug. 12). Chairman Sheila Bair said the FDIC suspects consumers may believe the accounts are FDIC-insured. Life insurers need to tell consumers that the accounts are not insured. This information needs to be given to policyholders and their beneficiaries. Last month, Bloomberg Markets magazine reported that more than 100 carriers profit by holding and investing $20 billion owed to life insurance beneficiaries. The accounts are guaranteed by insurer guaranty associations, which insurers should disclose, Bair said in a letter to the National Association of Insurance Commissioners ...


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