Californians find $17 million in lost life insurance benefits
News: 2018 Press Release
SACRAMENTO, Calif. — The Life Insurance Policy Locator — launched by the California Department of Insurance through the National Association of Insurance Commissioners — has matched consumers with policies totaling $17,332,464 just in the past 12 months, and $33,863,187 since the 2016 launch.
"This policy locator has made a meaningful difference in thousands of Californian’s lives." said California Insurance Commissioner Dave Jones. “State insurance regulators saw a need for a national service like this a few years ago and we want to do everything to protect consumers. This tool efficiently connects consumers with lost policies and money they’re owed.”
In its initial two years, the locator has matched 24,934 consumers with policies across the U.S., totaling $368 million. More than 48,000 consumers have conducted searches nationwide in that time. During its first year, the policy locator initially found $92.5 million in lost benefits for consumers. As more matches were made to requests from that year, the first-year total has increased to $166.7 million.
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Media Note:
- The NAIC launched the free national locator service in November 2016 to make it easier to connect consumers with lost life insurance policies or annuities. 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.
