Bismarck, N.D. (AP) North Dakota Insurance Commissioner Adam Hamm says the state is set to receive more than $25,000 as part of a multi-state life insurance settlement with Symetra Life and Symetra National Life Insurance companies.
Hamm on Tuesday said seven states including North Dakota have reached a $1.2 million agreement with the insurer related to its use of the Social Security Administration's death master file.
Authorities say Symetra used the file to search for and stop payments to annuity holders, but didn't use it to identify deceased life-insurance policyholders to pay their beneficiaries.
The insurer has agreed to implement a number changes under the settlement. It will use the Social Security's death records on a timely basis to search for deceased policyholders and make payments to their beneficiaries.