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Press Releases - December 14, 2016

 Contact: Donna Tommelleo, 860-297-3958
Lost and Found: New Online Tool
Helps Families Find Old Life Insurance Policies

Insurance Commissioner Katharine L. Wade today announced the Department is offering a free online service to help consumers search for a deceased family member’s lost life insurance policies and annuities.

“It can be a frustrating and overwhelming process at times to locate a missing policy. Whether you are settling the estate of a deceased loved one or trying to help an elderly relative sort out his or her affairs, the Department has resources to help,” Commissioner Wade said. “We are pleased to offer this latest tool that will streamline and simplify the process while protecting confidentiality.”

The Life Insurance Policy Locator, developed by the National Association of Insurance Commissioners (NAIC), provides free nationwide access for help in finding old policies and annuities. There are an estimated $1 billion in benefits and life insurance policies that are unclaimed in the U.S.

Consumer requests to find a lost policy are encrypted and secured to maintain confidentiality. Participating insurers will compare submitted requests with available policyholder information and report all matches to state insurance departments through the locator. Companies will then contact beneficiaries or their authorized representatives within 90 days.

For more information the Life Insurance Policy Locator please see Frequently Asked Questions.

About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.
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