BISMARCK, N.D. (AP) -- North Dakota Insurance Commissioner Adam Hamm says the state will receive nearly $174,000 as part of a multi-state insurance settlement reached with New York Life Insurance Company.
The settlement over the use of the Social Security Administration's Death Master File totals $15 million nationwide. As part of the settlement, New York Life has agreed to a number of business practice reforms, including using the file to search for deceased life insurance policyholders so beneficiaries are paid. State insurance departments in North Dakota, California, Florida, Illinois, New Hampshire and Pennsylvania worked together to examine the company's practices. Hamm says the settlement is another step in the right direction to reform the life insurance industry's use of the database.