Life Insurance Policies Matched for 325 Mainers Through NAIC
AUGUSTA – Maine Superintendent of Insurance Bob Carey announced today that $5,038,305 was recovered for Maine people and Maine businesses by the Bureau of Insurance in 2024. In addition, policies valued at more than $7 million were matched to Mainers through the Life Insurance Policy Locator, a service provided by the National Association of Insurance Commissioners (NAIC), of which Maine is a member.
The Bureau investigates consumer complaints involving a variety of issues, including allegations of improper billing, incorrect claims processing, denial of payment for services, and illegal insurance sales practices.
“Bureau staff work hard on behalf of Maine people and Maine businesses to make certain insurance carriers and others in the industry are abiding by their contractual obligations,” Carey stated. “We investigate complaints, answer questions about insurance products and companies, and assist consumers and businesses with questions or concerns they may have about all types of insurance.”
Last year, the Bureau’s Consumer Health Care Division, which oversees health, life, long-term care, annuities, and disability insurance, received 2,658 inquiries and 333 written complaints. Through CHCD’s efforts, over $2.4 million was recovered.
The Property and Casualty Division, which oversees auto, homeowners, and other types of property and casualty insurance, received 4,228 inquiries and 258 written complaints. The P&C division’s work resulted in $2.6 million in recoveries for Maine people and businesses.
Also, from January through November 2024, 325 Maine people were matched with life insurance policies totaling $7,413,680 in value through the NAIC’s Life Insurance Policy Locator Service. Since the service began in 2017, a total of $31.7 million has been matched to 1,510 Maine people. Individuals who believe they are beneficiaries, executors, or legal representatives of a deceased person who had a life insurance policy in Maine can submit a free search request through this service.
