RELEASE: Hawaii Insurance Division, Life Insurance Policy Locator Tracks $1,039,753 for Hawaii Consumers in Second Year

Posted on Nov 19, 2018 in INS, News Releases

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Insurance Division

DAVID Y. IGE
GOVERNOR

CATHERINE P. AWAKUNI COLóN
DIRECTOR

GORDON I. ITO
INSURANCE COMMISSIONER

FOR IMMEDIATE RELEASE
Nov. 19, 2018

HAWAII INSURANCE DIVISION, LIFE INSURANCE POLICY LOCATOR TRACKS $1,039,753 FOR HAWAII CONSUMERS IN SECOND YEAR

HONOLULU – The 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. This tool efficiently connects consumers with lost policies and possibly money they’re owed,” said Insurance Commissioner Gordon Ito. “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.

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The Hawaii Insurance Division regulates the Hawaii insurance industry, issues licenses; examines the fiscal condition of Hawaii-based companies; reviews rate and policy filings; and investigates insurance related complaints.

Media Contact:

William Nhieu
Communications Officer
Department of Commerce and Consumer Affairs
Email: wnhieu@dcca.hawaii.gov
Office: (808) 586-7582
Cell: (808) 389-2788