The National Association of Insurance Commissioners (NAIC) announced recently that it is leveraging NAIC technology and data by launching its Life Insurance Policy Locator application to aid consumers in finding lost life insurance policies.
The NAIC app will serve Americans who may be life insurance beneficiaries by offering an easy-to-use tool to help find lost or forgotten policies. At least $1 billion in benefits from life insurance policies are unclaimed, according to Consumer Reports.
"The goal of life insurance is to provide for your beneficiaries when you are gone, but far too often life insurance policies go unclaimed because they're lost and consumers don't know how to find them," said John M. Huff, NAIC President and Missouri Insurance Director. "This project underscores the NAIC's mission to protect consumers. Regulators want to ensure claims are submitted and benefits are paid in a timely manner. This app will help accomplish that goal."
During the Opening Session of the NAIC's Summer 2016 National Meeting (held Aug. 26-29 in San Diego), Huff announced the first phase in creating a national system that will be fully implemented later this fall. Consumers currently seeking assistance with finding life insurance policies can use the Life Insurance Policy Locator Service, which is available via the NAIC's Retirement Security Initiative microsite. Consumers can also search for misplaced annuity contracts.
"The NAIC and state insurance departments frequently receive inquiries from people about whether a deceased loved one has a life insurance policy and how to find these policies," said Nick Gerhart, Iowa Insurance Commissioner and Life Insurance and Annuities Committee chair. "If claimed, these lost or forgotten policies can be a path to a more comfortable retirement for some beneficiaries. The development of this consumer-friendly app will help consolidate an often arduous process and provide a singular centralized place for consumers to go for assistance."
More information about lost life insurance policies is available on the NAIC's website.
About the NAIC: The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.
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