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Hamm reaches multi-million dollar settlements with life insurers
 
BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm today announced multi-million dollar settlement agreements with Jackson National and AXA related to their use of the Social Security Administration’s Death Master File (DMF). As part of the settlements, Jackson National will pay $2.5 million to the states participating in the national investigation of life insurers and AXA will pay $3.28 million. North Dakota will receive more than $56,000 from Jackson National and over $82,000 from AXA.
 
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, Jackson National and AXA 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.
 
“Locating life insurance beneficiaries is a crucial part of this business and Jackson National and AXA have agreed to improve their practices in doing that,” Hamm said.
 
This agreement was the result of a coordinated multi-state examination among state insurance departments in North Dakota, California, Florida, New Hampshire and Pennsylvania.
 
The Department has been part of 22 multi-state settlements with insurance companies regarding life insurance practices and to date North Dakota has received more than $2.3 million. Consumers with questions about the settlement are encouraged to call the Insurance 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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