North Dakota getting $89K as part of insurance settlementBISMARCK, N.D. (AP) — North Dakota Insurance Commissioner Adam Hamm says the state will receive $89,450 as part of a multistate insurance settlement.
BISMARCK, N.D. (AP) — North Dakota Insurance Commissioner Adam Hamm says the state will receive $89,450 as part of a multistate insurance settlement.
Hamm says the insurance settlement was reached with Midland National Life Insurance Co. and North American Company for Life and Health Insurance.
The settlement over the use of the Social Security Administration's Death Master File totals $3.3 million nationwide.
North Dakota, California, Florida, Illinois, Iowa, New Hampshire and Pennsylvania worked together to examine the companies' practices.
As part of the settlement, the companies agreed to business practice reforms, including using the file to search for deceased life insurance policyholders so beneficiaries are paid.
Hamm says the Insurance Department has been part of 10 multistate settlements with insurance companies regarding life insurance practices and has received more than $1.63 million to date.