HELENA, Mont. — Thousands of U.S. consumers have reaped the benefits of the Montana Insurance Commissioner’s and the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator during the locator’s first year. The consumer tool has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities – totaling $92.5 million returned to consumers – since its launch last November.
In Montana, 11 people have been matched with over $17,000 during the past year.
“Insurance commissioners 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 Commissioner Matt Rosendale. “The response from this project has been tremendous. I encourage Montanans 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 Montana State Auditor’s Office and the NAIC developed the locator in 2016 to provide search capabilities to help find lost life insurance policies and annuities.
Since 2010, state insurance regulators have investigated unclaimed life insurance benefit payments. In 2015, life insurers paid more than $74 billion in insurance policy benefits to consumers nationwide.