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State announces multimillion-dollar settlement with Midland

Illinois Dept. of Insurance led investigation that resulted in settlement

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[December 02, 2013]  CHICAGO ó Illinois Department of Insurance Director Andrew Boron announced last week an agreement with Midland National Life Insurance Co. and North American Company for Life and Health Insurance, collectively known as "Midland," as part of a multimillion-dollar settlement with several states regarding Midlandís use of the Social Security Administrationís Death Master File. Under the settlement, Midland will pay $3.3 million to states that are a party to the settlement.

The Illinois Department of Insurance served as the principal lead in this investigation, with support of insurance regulators from Florida, California, New Hampshire, Iowa, North Dakota and Pennsylvania. Under the agreement, Midland will implement business reforms to promote a timely and efficient search for the beneficiaries of both its in-force life insurance policies and annuities, using the Social Security Death Master File.

"I am pleased that another company has stepped forward to do the right thing and to timely locate and pay benefits owed under its policies," said Boron. "We will continue to aggressively pursue these examinations on behalf of consumers in Illinois."

The settlement with Midland is the latest result of multistate market conduct examinations of the 40 largest life insurers regarding the timely payment of proceeds to beneficiaries of life insurance policies and annuities. These life insurers and the other smaller insurers who have settled, which represent more than 50 percent of the market, will regularly match all of their insureds and annuitants against the Social Security Death Master File to help promptly identify when an insured has died, to locate and make payment to beneficiaries.

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A copy of the Midland settlement agreement (PDF) is available at http://insurance.illinois.gov/
Home/ImpLinks.asp
. Consumers who have any questions regarding this settlement, or who have any questions or concerns about their insurance, may contact the Consumer Division of the Department of Insurance at http://insurance.illinois.gov/ or by calling 866-445-5364.

[Text from Illinois Department of Insurance file received from the Illinois Office of Communication and Information]
 

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