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.
[to top of second column]
A copy of the Midland
settlement agreement (PDF) is available at
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.
Illinois Department of
file received from
Illinois Office of
Communication and Information]