BISMARCK, N.D. (AP) North Dakota Insurance Commissioner Adam Hamm says the state is getting more than $96,000 as part of multi-state life insurance settlements with Guardian Life and Pacific Life.
Hamm says the states have reached agreements totaling about $4.5 million with the insurers related to use of the Social Security Administration's Death Master File.
Hamm says insurances have used the file for years to search for and stop payments to annuity holders, but haven't used it to identify deceased life-insurance policyholders to pay their beneficiaries. Under the terms of the settlement, Guardian Life and Pacific Life will implement a number of business reforms.