Governor and Insurance Superintendent Announce Important New Service to Help People Locate Lost Life Insurance Policies

August 2, 2016

 

Contact: Doug Dunbar
Phone:

 

Augusta -

Governor Paul R. LePage joined Insurance Superintendent Eric Cioppa in announcing the new Lost Life Insurance Policy Service to help individuals who may be a beneficiary of a life insurance policy or annuity contract purchased in Maine.

“The new Lost Life Insurance Policy Service launched by the Maine Bureau of Insurance will be a great help to consumers looking for lost annuity contracts or life insurance policies following the death of someone who may have named them as a beneficiary,” Governor LePage said.

Superintendent Cioppa noted that 277 companies have already agreed to participate in the program. These companies represent 82% of life and annuities business in Maine, as measured by the amount of premium written in 2015. All 10 top-selling companies of life and annuity products in Maine are participating, as are 44 of the top 50. (A list of those companies electing to participate and those that have been unresponsive or have declined to participate will be posted to the Bureau’s website.)

“The Bureau of Insurance is pleased to make this important new service available to people in Maine and elsewhere,” Superintendent Cioppa said. “We will continue to encourage all companies to do the right thing by cooperating with the Bureau, joining this effort, and assisting Maine consumers who have a lawful claim.”

Potential beneficiaries, executors or legal representatives of a deceased individual, who may have lived in Maine when the policy was issued or the annuity was purchased, are encouraged to use the service.

Individuals using the service will need to provide the Bureau with specific information about the deceased policyholder or contract holder, and the Bureau will then submit this information to the participating insurers. The insurers will check this information against their records to determine if there is a policy or contract that was held by the deceased.

More information about the service can be found through the Bureau’s website (www.maine.gov/insurance) or directly at www.maine.gov/pfr/insurance/LostPolicyLocator/LifeInsuranceSearchInstructions.html. Individuals or companies with questions about the service can contact Violet Hyatt, Consumer Health Care Division Deputy Director, at 207-624-8453 or 1-800-300-5000.

The Bureau of Insurance has staff available weekdays from 8 a.m. to 5 p.m. to answer consumer questions about all types of insurance. Individuals may call 207-624-8475 or 800-300-5000 (toll free in Maine) or TDD Relay 711, or email insurance.pfr@maine.gov. The Bureau also has numerous consumer guides and brochures are available at www.maine.gov/insurance.

Last Updated: August 3, 2016 12:36 PM