First year of locator benefits 77 from Natural State
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement announcing that $909,762 has been found for Arkansans in the first year of the Arkansas Insurance Department’s (AID) and National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator:
“Thanks to our partnership with the NAIC on developing the Life Insurance Policy Locator, the Arkansas Insurance Department has been able to match 77 Arkansans with almost a million dollars in lost or misplaced life insurance policies or annuities since last November. With families coming together for Thanksgiving, we encourage all Arkansans to log in to see if departed loved ones have left behind previously unknown policies or annuities.”
More than 40,000 consumers have conducted searches since the policy locator was launched in November 2016. AID 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.
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