CID: 11/16/2018 - Departmentís Life Insurance Locator Returns Nearly $2M to CT Beneficiaries

{Connecticut Insurance Department}
Insurance Department
Katharine L. Wade
Donna Tommelleo
November 16th, 2018

Insurance Departmentís Life Insurance Locator
Helped Return Nearly $2M to CT Beneficiaries

Insurance Commissioner Katharine L. Wade today announced that nearly $2 million in unclaimed life insurance benefits have been returned to Connecticut residents who have used the Departmentís free, online Life Insurance Policy Locator.

ďThe Life Insurance Policy Locator has proven to be a very successful tool for hundreds of Connecticut consumers. In fact, the Connecticut Locator has one of the best success rates in the nation for matching beneficiaries with long-lost policies,Ē Commissioner Wade said. ďMore than one in three people who used this tool recovered benefits for which they were entitled.Ē

Since the Department began offering the Locator two years ago, 330 of the 912 people who used it to search for old policies received a total of $1,928,730 for a match rate of 36.2 percent. The national average is just under 28 percent.

Developed by the National Association of Insurance Commissioners (NAIC) for all 50 states, the District of Columbia and Puerto Rico, the Locator has matched 24,934 consumers nationally with policies, totaling $368 million in its first two years. More than 88,000 consumers have conducted searches nationwide in that time.

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.

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.
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Content Last Modified on 11/16/2018 2:33:03 PM