A life insurance policy locator developed by the National Association of Insurance Commissioners is helping reconnect beneficiaries with unclaimed life insurance policies. In its initial six months, the service has matched nearly 1,800 beneficiaries with lost or misplaced life insurance policies or annuities, totaling more than $17 million returned to consumers as of April 1.
The strong results indicate the importance of the locator to consumers, said Ted Nickel, NAIC president and Wisconsin insurance commissioner. “We expect these numbers to grow as more consumers learn about this tool,” he said in a release. The policy locator has generated 15,333 requests since its national launch in November. Since 2010, state insurance regulators have investigated unclaimed life insurance benefit payments.
To date, nearly 25 regulatory actions have resulted in returning more than $7.3 billion life insurance proceeds to U.S. consumers.
Article Published by Business Record April 11 2017