Unclaimed Insurance-Related Proceeds Five Times Higher in Wake of Treasurer’s Fight
State Treasurer
That is the year Perdue's office filed a lawsuit against dozens of life insurance companies, alleging the firms were either not paying beneficiaries their due proceeds or failing to report the money as unclaimed property. That litigation is ongoing today.
"I am heartened by these figures," Treasurer Perdue said. "It shows our prior legal victories are having some bearing on the amount of life insurance monies being surrendered. I encourage anyone to check our unclaimed property list if there is any question as to whether a loved one died with life insurance money due him or her."
As of
Contrast that with life insurance reported through 2012, prior to circuit court litigation:
At that time, life insurance companies were entering into global resolution agreements with some states, comparing their insureds against
Treasurer Perdue's efforts have not been without challenges. In
"How can you file a claim for a policy if you don't know one exists?" the Treasurer asked. "If a loved one forgot about the policy and never told anyone there is no way to know. It's the definition of unclaimed property."
The case migrated to the state Supreme Court in
Perdue won another victory in
"These same companies use this file to cut off annuities," the Treasurer argued. "It would be just as easy to appropriate it for payments."
Earlier this year, the same court denied a motion to dismiss the lawsuits filed by Treasurer Perdue. This most recent decision allows all pending cases to move forward.
"This strengthens our position and reaffirms the
Since taking office, Treasurer Perdue has returned approximately
Unclaimed property is any asset from which an individual has become unintentionally separated. Examples include a forgotten utility deposit, a left-behind final paycheck or uncashed stock dividends.
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