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Insurance Department announces $1.9 million agreement with Genworth
 
BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm today announced the Insurance Department has reached a $1.9 million multi-state life insurance agreement with Genworth Life Insurance Company, Genworth Life and Annuity Insurance Company, and Genworth Life Insurance Company of New York (collectively Genworth) regarding its use of the Social Security Administration’s Death Master File (DMF). North Dakota will receive more than $42,000.
 
This settlement stems from multi-state market conduct examinations of the 40 largest life insurers regarding the timely payment of proceeds to beneficiaries of life insurance policies and annuities. State insurance departments in North Dakota, California, Delaware, Florida, Illinois, New Hampshire and Virginia worked together on an examination of Genworth.
 
“Genworth is making the right decision in undertaking business reforms to improve its beneficiary payment practices,” Hamm said.
 
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.
 
The Department has been part of 13 multi-state settlements with insurance companies regarding life insurance practices and to date has received more than $2 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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