Maryland Insurance Administration Assists Over 600 Consumers With Recovery of $8.3 Million in Unclaimed Life Insurance Policy Funds Over 2 Year Time Period
BALTIMORE – In November 2016, the Maryland Insurance Administration, in cooperation with the National Association of Insurance Commissioners (NAIC), launched a free national database called the NAIC Life Insurance Policy Locator to match consumers with unclaimed or lost life insurance policies or annuities. Since November 2016, 628 Maryland beneficiaries have been matched with policies valued at $8.3 Million. In the past 12 months, Maryland consumers have been matched with policies valued at $6 Million.
“The response we’ve received to the life insurance policy locator has been greater than anyone could’ve anticipated,” said Maryland Insurance Commissioner Al Redmer, Jr. “State insurance regulators saw there was a need for a national service to match consumers with unclaimed life insurance policies and annuities. This tool does just that by efficiently connecting consumers with lost policies and possibly money they’re 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. To access the NAIC life insurance policy locator to see if you are owed money on a lost policy, go here.
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~ Maryland Insurance Administration
The Maryland Insurance Administration is an independent State agency charged with regulating Maryland’s $28.5 billion insurance industry. For more information about the Insurance Administration, please visit www.insurance.maryland.gov or follow us on Facebook at www.facebook.com/MDInsuranceAdmin or Twitter at @MD_Insurance.
