Insurance Policy Locator Tracks Over $1 Million in 2nd Year
The Hawai‘i Life Insurance Policy Locator—launched by the Department of Commerce and Consumer Affairs Insurance Division through the National Association of Insurance Commissioners (NAIC)—has matched consumers with policies totaling $1,039,753 in the past 12 months.
“State insurance regulators saw there was a need for a national service like this a few years ago,” said Insurance Commissioner Gordon Ito. “This tool efficiently connects consumers with lost policies and possibly money they’re owed. We’re happy with the response received thus far and continue to encourage consumers to utilize this free service.”
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 its initial two years, the locator has matched 24,934 consumers with policies nationally, 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.