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Insurance Department reaches multi-state settlement with TIAA
 
BISMARCK, N.D.—North Dakota Insurance Commissioner Adam Hamm announced today that the North Dakota Insurance Department has reached another life insurance multi-state settlement. North Dakota will receive an estimated $163,709 as part of a $6.2 million settlement with TIAA-CREF Life Insurance Company and Teachers Insurance and Annuity Association of America (TIAA).
 
State insurance departments in North Dakota, California, Florida, Illinois, New Hampshire and Pennsylvania conducted an examination to assess TIAA’s procedures for identifying and paying proceeds to beneficiaries of life insurance policies and annuities.
 
“TIAA is reforming its business practices to improve how it locates and pays beneficiaries,” Hamm said. “This agreement is important news for life insurance consumers.”
 
Under the agreement, TIAA will regularly match all of its policyholders against the Social Security Administration’s Death Master File (DMF) to help identify when a policyholder has died and to locate and make payments to beneficiaries. Life insurance companies commonly use the DMF to find out if policyholders have died.
 
The agreement becomes effective after it is signed by the seven lead states plus 13 other states.
 
The Department has been part of four other multi-state settlements with insurance companies regarding life insurance practices and to date has received more than $1.1 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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