California finds $11 million for life insurance beneficiaries
News: 2017 Press Release
SACRAMENTO, Calif. — The California Department of Insurance and the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator has matched 583 beneficiaries in California with lost or misplaced life insurance policies or annuities – totaling over $11 million returned to consumers.
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.
Media Note:
- More information on the Life Insurance Policy Locator: http://www.insurance.ca.gov/01-consumers/105-type/6-lifeAnnuity/LocateLifeInsurancePolicy.cfm
Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at www.insurance.ca.gov via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.
