TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced a $3.3 million life claim settlement agreement has been reached with two companies (Midland National Life Insurance Company and North American Company for Life and Health Insurance) who are collectively referred to as “Midland.”
The settlement agreement with Midland and other similar insurers focuses primarily on the asymmetrical use of the Social Security Administration’s Death Master File (DMF) to cease making annuity payments, but not to search for beneficiaries of a life insurance policy who may be due benefits. Midland has agreed to implement business reforms correcting this practice and to make a multi-million dollar payment, which will be disbursed among the participating states. Florida’s allocation of the $3.3 million payment is expected to be more than $282,761.
To view the entire press release as .pdf click here.