Lost Policies: Seek And You Will Find
The key to finding something that is lost is to look for it. In its first six months, the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator tool has matched nearly 1,800 beneficiaries with lost or misplaced life insurance policies or annuities. As of April 1, more than $17 million has been returned to consumers.
The strong results emphasize the importance of the locator to consumers, said NAIC President and Wisconsin Insurance Commissioner Ted Nickel. “We expect these numbers to grow as more consumers learn about this tool,” he said. Since it was launched in November, the tool has generated 15,333 requests. To date, nearly 25 regulatory actions have resulted in returning more than $7.3 billion life insurance proceeds to U.S. consumers.