Oklahomans will now have access to a national service that helps them find life insurance policy benefits. The Oklahoma Insurance Department (OID) is partnering with the National Association of Insurance Commissioners (NAIC) to provide the free program.
“This service expands on what we were already offering – providing people with search capabilities to help find a deceased person’s lost life insurance policies and annuities,” Oklahoma Insurance Commissioner John D. Doak said. “What is exciting about this new service is that it has a bigger database that can search all across the country, not just in Oklahoma.”
The NAIC’s Life Insurance Policy Locator provides nationwide access for assistance with finding life insurance policies and annuities. The new tool builds on the life insurance policy locator program developed at OID and other state insurance departments. OID’s Lost Life Policy Locator Service launched in March 2015. Since then, OID has received 828 locator requests, located 42 policies and recovered almost $600,000.
With the new service, Oklahomans’ requests are encrypted and secured to maintain confidentiality. Participating insurance companies will compare submitted requests with available policyholder information and report all matches to state insurance departments through the locator. Companies will then contact beneficiaries or their authorized representatives. To submit a request, go to http://locator.naic.org or OID’s website at www.oid.ok.gov.