News Releases

November 21, 2018

Department of Financial Regulation, Life Insurance Policy Locator Tracks $112,000 for Vermont Consumers Since 2016

The Life Insurance Policy Locator, launched by the Department of Financial Regulation (DFR) through the National Association of Insurance Commissioners (NAIC), has matched consumers with policies totaling $98,255 in the past 12 months, November 4, 2017 - October 31, 2018.

The NAIC launched the free national locator service in November 2016 to make it easier to connect consumers with lost life insurance policies or annuities. In Vermont, 34 beneficiaries have been matched with $112,125 since November 2016.

"It is of the upmost importance for insurance companies to honor the commitments made to Vermonters and their beneficiaries," said DFR Commissioner Michael Pieciak.

"This tool helps consumers easily navigate among each and every life insurance company licensed to do business in Vermont and connect them with any lost or unknown policies and any associated payments they are rightfully owed."

In its initial two years, the locator has matched 24,934 consumers nationally with policies, totaling $368 million. More than 48,000 consumers have conducted searches nationwide in that time. During its first year, the policy locator initially found $92.5 million in lost benefits for consumers. As more matches were made to requests from that year, the first-year total has increased to $166.7 million.

Consumers can use our Life Insurance Policy Locator (https://eapps.naic.org/life-policy-locator/#/welcome) for help locating life insurance policies and annuity contracts of a family member or close relationship.

Media Contact: Stephanie Brackin, Information Management Officer, 802-828-4872, stephanie.brackin@vermont.gov

Source: Department of Financial Regulation
Last Updated at: November 21, 2018 08:51:41