Business News
SACRAMENTO – The California Department of Insurance and the National Association of Insurance Commissioners' Life Insurance Policy Locator has matched 583 beneficiaries in California with lost or misplaced life insurance policies or annuities – totaling over $11 million returned to consumers.
The locator can be found at https://eapps.naic.org/life-policy-locator/#/welcome .
Thousands of U.S. consumers have reaped the benefits from the tool since its launch last November.
The National Association of Insurance Commissioners reported 8,210 beneficiaries have been matched with $92.5 million.
"The Life Insurance Policy Locator was created to help beneficiaries search for lost life insurance policies and to ensure consumers receive money they are entitled to," said California Insurance Commissioner Dave Jones. "This national tool has been an enormous success. I encourage everyone to use this tool to see if they are owed benefits."
More than 3,200 California consumers and over 40,000 consumers throughout the nation have conducted searches since the policy locator was launched.
The California Department of Insurance and the National Association of Insurance Commissioners developed the tool 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.
The locator can be found at https://eapps.naic.org/life-policy-locator/#/welcome .
Thousands of U.S. consumers have reaped the benefits from the tool since its launch last November.
The National Association of Insurance Commissioners reported 8,210 beneficiaries have been matched with $92.5 million.
"The Life Insurance Policy Locator was created to help beneficiaries search for lost life insurance policies and to ensure consumers receive money they are entitled to," said California Insurance Commissioner Dave Jones. "This national tool has been an enormous success. I encourage everyone to use this tool to see if they are owed benefits."
More than 3,200 California consumers and over 40,000 consumers throughout the nation have conducted searches since the policy locator was launched.
The California Department of Insurance and the National Association of Insurance Commissioners developed the tool 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.
- Details
- Written by: Editor
SACRAMENTO – Insurance Commissioner Dave Jones directed the California Department of Insurance to issue a formal notice to insurers, licensed public adjusters and admitted carriers to make sure all claims adjusters assigned to wildfire claims, including those not licensed in California, are properly trained on the California Unfair Practices Act, Fair Claims Settlement Practices Regulations, and all laws relating to property and casualty insurance claims handling.
On Oct. 13, Commissioner Jones declared an emergency situation in California due to the fires, which allowed insurance companies to use out-of-state adjusters to handle the large volume of claims resulting from the North Bay Fires and other fires.
Recently, the commissioner has received feedback from wildfire survivors, public officials and others that some of the representations made by insurance adjusters conflict with California law.
"Helping residents start the claims process in the face of so many losses and claims necessitated extraordinary actions," Jones said. "While getting claims settled is a priority, it must be done according to the laws in place to protect policyholders through a difficult process. I issued this notice to remind insurers that claims adjusters must be properly trained and process all claims according to California law."
Several fire survivors provided examples to the Department of incorrect insurer statements, such as:
– Incorrect timeframe provided to collect full replacement cost to rebuild. Policyholders were told they have between 6 and 12 months. In a state of emergency, as these fires were, policyholders have no less than 24 months under California law.
– Advised that if they decide not to rebuild in the same location, the policyholder could not receive full replacement benefits. Instead, California law provides policyholders may choose to rebuild in the same location, a new location or purchase an already built home in another location.
– Told additional living expense benefit would expire in 12 months. Under California law, in a state of emergency, policyholders have up to 24 months.
On Oct. 13, Commissioner Jones declared an emergency situation in California due to the fires, which allowed insurance companies to use out-of-state adjusters to handle the large volume of claims resulting from the North Bay Fires and other fires.
Recently, the commissioner has received feedback from wildfire survivors, public officials and others that some of the representations made by insurance adjusters conflict with California law.
"Helping residents start the claims process in the face of so many losses and claims necessitated extraordinary actions," Jones said. "While getting claims settled is a priority, it must be done according to the laws in place to protect policyholders through a difficult process. I issued this notice to remind insurers that claims adjusters must be properly trained and process all claims according to California law."
Several fire survivors provided examples to the Department of incorrect insurer statements, such as:
– Incorrect timeframe provided to collect full replacement cost to rebuild. Policyholders were told they have between 6 and 12 months. In a state of emergency, as these fires were, policyholders have no less than 24 months under California law.
– Advised that if they decide not to rebuild in the same location, the policyholder could not receive full replacement benefits. Instead, California law provides policyholders may choose to rebuild in the same location, a new location or purchase an already built home in another location.
– Told additional living expense benefit would expire in 12 months. Under California law, in a state of emergency, policyholders have up to 24 months.
- Details
- Written by: Editor
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