Commissioner Redmer Encourages Citizens to Search Life Insurance Policy Locator for Unclaimed Funds

BALTIMORE, Nov. 18 -- The Maryland Insurance Administration issued the following news release:

Commissioner Al Redmer, Jr. encourages Maryland citizens to search the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator to see if they are entitled to lost life insurance policy and annuity funds. The NAIC tool can assist consumers in locating life insurance policies and annuity contracts of a deceased family member or close relationship. In Maryland, 202 beneficiaries have been matched with $1,288,674 in total claims since last November when the tool was launched. Over $92.5 million has been returned to consumers across the United States.

"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 Al Redmer, Jr., Maryland Insurance Commissioner. "The response from this project has been tremendous. We encourage everyone to log in to see if they are owed money."

More than 40,000 citizens nationwide have conducted searches since the policy locator was launched. The NAIC developed the locator in 2016 to provide search capabilities to help find lost life insurance policies and annuities. State insurance regulators have investigated unclaimed life insurance benefit payments since 2010. In 2015, life insurers paid more than $74 billion in insurance policy benefits to consumers nationwide.

This document was posted showing the date: Nov. 17, 2017.