BEACH (AP) - North Dakota Insurance Commissioner Adam Hamm says the state will receive more than $42,000 as part of a multistate $1.9 million settlement with Genworth life insurance companies.
Hamm says the agreement stems from Genworth's use of the Social Security Administration's Death Master File. Life insurers for years have used the file to search for and stop payments to annuity holders, but they have not used the database to identify deceased life insurance policyholders to pay beneficiaries.
Hamm says Genworth is improving its payment practices.
The agreement was coordinated with state insurance departments in North Dakota, California, Delaware, Florida, Illinois, New Hampshire and Virginia.