CID: New Releases (04/25/2018) - Insurance Departmentís Life Insurance Locator Helped Return $1.6M to CT Beneficiaries

{Connecticut Insurance Department}
Insurance Department
Katharine L. Wade
Donna Tommelleo
April 25th, 2018

Insurance Departmentís Life Insurance Locator
Helped Return $1.6M to CT Beneficiaries

Insurance Commissioner Katharine L. Wade today announced that nearly $1.6 million in unclaimed life insurance benefits have been returned to Connecticut residents who have used the Departmentís free, online Life Insurance Policy Locator.

ďWhen we launched the Locator less than two years ago, we were confident that we were providing people with an important tool that could help them settle affairs and provide peace of mind,Ē Commissioner Wade said. ďNearly 600 people in Connecticut have used the Locator to do just that.Ē

Developed by the National Association of Insurance Commissioners (NAIC) and launched in November 2016, the Life Insurance Policy Locator has helped recover more than $200 million nationwide. As of April 24, 2018, the Locator had been used by 584 people in Connecticut for recovery of $1,559,277.

The NAIC estimates that $1 billion in benefits from life insurance are unclaimed. The Locator provides consumers with search capabilities to help consumers find a lost life insurance or annuity policy issued to a deceased loved one.

ďMany people donít know where to begin when searching for a lost life insurance policy. The Locator streamlines and simplifies the process while maintaining confidentiality,Ē Commissioner Wade says.

Consumer requests to find a lost policy are encrypted and secured to maintain confidentiality. Participating insurers will compare submitted requests with available policyholder information and report all matches to state insurance departments through the locator. Companies will then contact beneficiaries or their authorized representatives within 90 days.

For more information on the Life Insurance Policy Locator please see Frequently Asked Questions.
About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Departmentís annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.
For help with all your insurance issues:
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  • Ask a question or file a complaint online
  • Call the Consumer Helpline at 800-203-3447 or 860-297-3900.
  • Sign up for e-alerts to get the latest news, warnings and rate changes that may affect your premium
  • Download consumer FAQs on health, homeowner and auto coverage
  • Use the Departmentís Speakers Bureau for public events.
  • Visit our Web site and follow the Department on Facebook, Twitter or YouTube

Content Last Modified on 4/25/2018 12:04:44 PM