INFORUM.com | WDAZ.com

WDAY: The News Leader

Published December 10, 2013, 01:25 PM

North Dakota to receive $171K in life insurance settlement

BISMARCK, N.D. (AP) — North Dakota's insurance commissioner says the state will receive more than $171,000 as part of a multi-state settlement with a life insurance company group.

BISMARCK, N.D. (AP) — North Dakota's insurance commissioner says the state will receive more than $171,000 as part of a multi-state settlement with a life insurance company group.

Commissioner Adam Hamm says the amount is a portion of 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 regarding the group's use of the Social Security Administration's Death Master File.

Life insurers for years have used the file to search for and stop payments to annuity holders, but they have not used the database to identify deceased life insurance policyholders to pay beneficiaries.

The agreement was coordinated with state insurance departments in California, Florida, Illinois, Indiana, New Hampshire and Pennsylvania.

Tags: