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Insurance Department reaches multi-state life insurance settlement with ING
 
BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm announced today that the North Dakota Insurance Department has reached another multi-state settlement regarding life insurance practices. North Dakota will receive more than $160,000 as part of a $10.7 million settlement with ING Life Insurance and Annuity Company (ING) and its affiliates.
 
The settlement focuses on ING’s use of the U.S. Social Security Administration’s Death Master File (DMF) to identify when a policyholder has died and to locate and make payments to beneficiaries. Life insurance companies commonly use the DMF to find out if policyholders have died. State insurance departments in North Dakota, California, Florida, Illinois, New Hampshire and Pennsylvania lead the examination assessing ING’s procedures.

“ING is taking steps to improve its practices in locating beneficiaries, which is good news for North Dakota’s insurance consumers,” Hamm said.
 
Under the agreement, ING will compare all company records against the DMF monthly and will report to the lead states quarterly on the progress of other requirements outlined in the agreement.
 
The Department has been part of six other multi-state settlements with insurance companies regarding life insurance practices and to date has received more than $1.28 million. Consumers with questions about the settlement are encouraged to call the Department at 1-800-247-0560.
 
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North Dakota Insurance Department
600 E. Boulevard Ave.
Bismarck, ND 58505-0320
Phone 701.328.2440
Toll free 800.247.0560
Fax 701.328.4880

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