State Announces a Multi-Million Dollar Settlement with Midland
Targeted News Service |
DOI served as the principal lead in this investigation, with support of insurance regulators from
"I am pleased that another company has stepped forward to do the right thing and to timely locate and pay benefits owed under its policies. We will continue to aggressively pursue these examinations on behalf of consumers in
The settlement with Midland is the latest result of multi-state market conduct examinations (investigations) of the forty largest life insurers regarding the timely payment of proceeds to beneficiaries of life insurance policies and annuities. These life insurers and the other smaller insurers who have settled, which represent more than 50% of the market, will regularly match all of its insureds and annuitants against the DMF to help promptly identify when an insured has died, to locate and make payment to beneficiaries.
A copy of the Midland settlement agreement is available at http://insurance.illinois.gov/Home/ImpLinks.asp. Consumers who have any questions regarding this settlement, or who have any questions or concerns about their insurance, may contact DOI's Consumer Division on the website at http://insurance.illinois.gov or by calling 866-445-5364.
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