California finds $11 million for life insurance beneficiaries
News: 2017 Press Release
Thousands of U.S. consumers have reaped the benefits from the tool since its launch last November. The NAIC reported 8,210 beneficiaries have been matched with $92.5 million.
"The Life Insurance Policy Locator was created to help beneficiaries search for lost life insurance policies and to ensure consumers receive money they are entitled to," said California Insurance Commissioner Dave Jones. "This national tool has been an enormous success. I encourage everyone to use this tool to see if they are owed benefits."
More than 3,200 California consumers and over 40,000 consumers throughout the nation have conducted searches since the policy locator was launched. The California Department of Insurance and the NAIC developed the tool in 2016 to provide search capabilities to help find lost life insurance policies and annuities.
Since 2010, state insurance regulators have investigated unclaimed life insurance benefit payments. To date, state insurance regulators have either reached settlements or concluded the investigation of 28 of the top 40 companies and as a result life insurers have paid $7.3 billion to life insurance beneficiaries nationwide.
- More information on the Life Insurance Policy Locator: http://www.insurance.ca.gov/01-consumers/105-type/6-lifeAnnuity/LocateLifeInsurancePolicy.cfm
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.