Insurers settle multistate litigation alleging misuse of death master file

life-insurance-feature

Florida will receive $111,000 in a multistate settlement over alleged one-sided use of the Social Security Administration’s death master file.

Ameriprise Group, and its RiverSource Life Insurance Co. and RiverSource Life Insurance Co. of New York  affiliates, will pay $1.5 million in all to California, New Hampshire, North Dakota and Pennsylvania, as well as to Florida.

The Florida Office of Insurance Regulation, Department of Financial Services, and attorney general’s office announced the agreement on Monday.

Florida’s share will cover the costs of investigating the alleged wrongdoing and monitoring the insurers’ compliance with the agreement. California was the managing lead state.

The states said the insurers of consulted the death file to end payments on annuities but did not use the data to begin paying survivor benefits under life insurance policies.

The states have reached settlements with 28 of the 40 largest companies, accounting for 80 percent of the market, and continue to scrutinize another 12 insurers, the Florida insurance office said.

The companies acknowledged no wrongdoing.

Staff Reports



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