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Insurance Department reaches another life insurance settlement
 

BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm announced today that a multi-state life insurance settlement has been reached with Transamerica. Of the $11.2 million total, North Dakota will receive more than $160,900.
 
This settlement, the seventh of its kind that the Insurance Department has been involved with, focuses on the company’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. State insurance departments in North Dakota, California, Florida, Illinois, Iowa, New Hampshire, Pennsylvania and Vermont worked together to examine Transamerica’s procedures.
 
“Locating life insurance beneficiaries is a crucial part of this business, and Transamerica has agreed to improve its practices in doing that,” Hamm said.
 
Under the agreement, Transamerica will complete one full comparison of all policyholders against the DMF and will enhance procedures to conduct more thorough searches for beneficiaries.
 
The settlement includes the following insurance companies: Transamerica Life Insurance Company, Transamerica Advisors Life Insurance Company, Transamerica Advisors Life Insurance Company of New York, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, Stonebridge Life Insurance Company, Western Reserve Life Assurance Co. of Ohio and each of its subsidiaries.
 
The Department has been part of seven other multi-state settlements with insurance companies regarding life insurance practices and to date has received more than $1.44 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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