Thousands of U.S. consumers have reaped the benefits of the Indiana Department of Insurance’s (IDOI) and the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator during the locator’s first year. In Indiana, 144 beneficiaries have been matched with $609,591.72 total claims since its launch last November.
The consumer tool has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities nationwide – totaling $92.5 million returned to consumers.
“Regulators identified the mounting problem of lost policies and worked together to design this resource to help consumers find money that is owed to them,” said Indiana Department of Insurance Commissioner Stephen W. Robertson. “We encourage Hoosiers to log in to see if they are owed money.”
More than 40,000 consumers have conducted searches since the policy locator was launched. The IDOI and the NAIC developed the locator in 2016 to provide search capabilities to help find lost life insurance policies and annuities. For information on how to complete the request form, visit locator.naic.org.
About the Indiana Department of Insurance
The Indiana Department of Insurance protects Indiana’s insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The department monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The department also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.