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Insurance Department reaches $3.3 million multi-state agreement with Midland
 
BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm announced today it has reached its 10th multi-state life insurance agreement. The latest settlement is with Midland National Life Insurance Company and North American Company for Life and Health Insurance (Midland). Of the $3.3 million total, North Dakota will receive $89,450.
 
State insurance departments in North Dakota, California, Florida, Illinois, Iowa, New Hampshire and Pennsylvania worked together to examine the company’s practices regarding the use of the Social Security Administration’s Death Master File (DMF) database. 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.
 
“These examinations and settlements are critical in protecting consumers,” Hamm said. “Midland has stepped forward to do the right thing in improving its practices to locate beneficiaries.”
 
Under the agreement, Midland will implement business reforms to promote a timely and efficient search for beneficiaries of life insurance policies and annuities using the DMF.
 
The Department has been part of 10 multi-state settlements with insurance companies regarding life insurance practices and to date has received more than $1.63 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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