Midland Agrees To $3.3M Death Benefits Deal With 7 States

Law360, Los Angeles (November 25, 2013, 6:06 PM EST) -- Midland National Life Insurance Co. and an affiliate have reached a $3.3 million deal with seven states to settle allegations that the companies asymmetrically used the Social Security Administration’s Death Master File to cease making annuity payments, but not to search for beneficiaries, the states announced Monday.

Midland and North American Company for Life and Health Insurance have agreed to implement business reforms correcting the practice and to make a payment of more than $3 million to be disbursed among the participating states, including Florida, California,...
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