Carson City, NV - December 05, 2016
The Nevada Division of Insurance
and the National Association of Insurance Commissioners (NAIC) announced a
national service that provides consumers with search capabilities to help find
a deceased person’s lost life insurance policies and annuities.
The NAIC’s Life Insurance Policy
Locator provides nationwide access for assistance with finding life insurance
policies and annuities. An estimated $1 billion in benefits from life insurance
policies are unclaimed, according to Consumer Reports. The new tool builds on
the life insurance policy locator programs developed separately in a number of
states before this launch.
“There are many people who don’t
know where to begin when searching for a lost life insurance policy or
annuity,” said Insurance Commissioner Barbara Richardson. “The life insurance
policy locator streamlines and simplifies the process for consumers and
Consumer requests 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.
Nevadans can access this tool by visiting the Division’s
website at http://doi.nv.gov/Consumers/
clicking on the Life Insurance & Annuities tab or by using the below link:
In 2015, life insurers paid more
than $74 billion in insurance policy benefits to consumers nationwide. Since
2010, state insurance regulators have investigated unclaimed life insurance
benefits. To date, nearly 23 regulatory actions have resulted in returning more
than $6.75 billion life insurance proceeds to U.S. consumers.
About the Nevada Division of
The State of Nevada Division of
Insurance, a Division of the Nevada Department of Business and Industry,
protects the rights of Nevada consumers and regulates Nevada’s $13 billion
insurance industry. The Division of Insurance has offices in Carson City and
Las Vegas. In 2015, the Division investigated more than 3,200 consumer complaints
and recovered nearly $5 million on behalf of consumers. For more information
about the Division of Insurance, visit DOI.NV.GOV or download the Division’s
smartphone app NDOI Connect today in the Apple App Store and Google Play.