Lost Life Insurance Policies Matched to Additional 240 Mainers Through NAIC
Acting Insurance Superintendent Timothy Schott announced today that more than $1.8 million was recovered for Maine consumers through investigations conducted by the Insurance Bureau’s consumer divisions in 2022.
Additionally, policies valued at more than $5.2 million were matched to Mainers through the Life Insurance Policy Locator, managed by the National Association of Insurance Commissioners (NAIC), of which Maine is a member.
Cases investigated each year by the Bureau involve a wide range of circumstances, ranging from complaints of improper billing, improper or delayed claims processing, improper denial of payment for medical treatment, and illegal insurance sales practices.
“One of our core functions at the Bureau of Insurance is assisting consumers with questions and issues they have with insurance,” Schott stated. “From investigating complaints to answering questions about insurance products, we are here as a resource for Maine consumers.”
2022 Bureau of Insurance Complaint Investigations and Recoveries:
The Consumer Health Care Division, which deals with health, life, long-term care, Medicare supplement, annuities and disability insurance, received 2,215 inquiries from consumers and 256 written complaints, resulting in $1,034,837 in recoveries.
The Property and Casualty Division, which deals with auto, homeowners and other types of property and liability insurance, handled 2,098 inquiries and 243 written complaints, resulting in $854,360 in recoveries.
Lost Life Insurance Benefit Matches:
The $5,213,879 in life insurance policies matched to 240 Mainers in 2022, through the NAIC’s Life Insurance Policy Locator, brings the total to $16.4 million matched to 782 Mainers, since the service began in 2017. The Locator can be found under the “Consumer” tab at www.naic.org.
Individuals who believe they are beneficiaries, executors or legal representatives of a deceased person may submit a search request form free of charge.
