The Life Insurance Policy Locator — launched by the Missouri Department of Insurance, Financial Institutions and Professional Registration, through the National Association of Insurance Commissioners — has matched consumers with policies totaling over $10 million in the past 12 months.
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 Missouri, 885 beneficiaries have been matched with $21,283,168 since November 2016.
“The response we’ve received to the policy locator has been greater than anyone could’ve anticipated,” said Chlora Lindley-Myers, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. “State insurance regulators saw there was a need for a national service like that a few years ago and we want to do everything we can to protect consumers. 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 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.
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department’s seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.