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Insurance Department reaches $12.6 million agreement with Lincoln
 
BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm announced today the Insurance Department has reached a $12.6 million multi-state life insurance agreement with Lincoln National Life Insurance Company, Lincoln Life and Annuity Company of New York and First Penn Pacific Life Insurance Company (collectively, Lincoln) regarding its use of the Social Security Administration’s Death Master File (DMF). North Dakota will receive more than $171,000.
 
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. Under the terms of the settlement, Lincoln will implement a number of business reforms to promptly identify when a policyholder has died and will use the DMF on a uniform and timely basis to search for deceased policyholders and make payments to their beneficiaries.
 
“Lincoln has agreed to do the right thing in improving the way it identifies beneficiaries,” Hamm said. “This is good news for our state’s consumers.”
 
This agreement was the result of a coordinated multi-state examination among state insurance departments in North Dakota, California, Florida, Illinois, Indiana, New Hampshire and Pennsylvania.
 
The Department has been part of 12 multi-state settlements with insurance companies regarding life insurance practices and to date has received more than $1.97 million. Consumers with questions about the settlement are encouraged to call the Department at 1-800-247-0560.
 
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Listen to Commissioner Hamm comment on the agreement with Lincoln.


Clip 1
Lincoln_clip1.WMA

Lincoln_clip1.mp3

Clip 2
Lincoln_clip2.WMA

Lincoln_clip2.mp3


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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