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Insurance Department reaches $4 million multi-state agreement with Aviva
 
BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm announced today that a multi-state life insurance settlement has been reached with Aviva Life & Annuity Company and Aviva Life & Annuity Company of New York (Aviva) over the use of the Social Security Administration’s Death Master File (DMF) database. Of the $4 million total, North Dakota will receive more than $84,700.
 
Life insurers have used the DMF for many years to search for and stop payments to annuity holders, but have not used the database to identify deceased life insurance policyholders to pay beneficiaries. It is estimated that through this practice, insurers avoided paying billions of dollars in life insurance proceeds to beneficiaries and also failed to turn over unclaimed proceeds to state controllers.
 
State insurance departments in North Dakota, California, Florida, Illinois, Iowa, New Hampshire and Pennsylvania worked together to examine the company’s practices.
 
“The company has agreed to improve its practices in locating and paying beneficiaries, which is great news for consumers,” Hamm said.
 
The Department has been part of nine multi-state settlements with insurance companies regarding life insurance practices and to date has received more than $1.54 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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