How to Find Lost Life Insurance, Annuities

Consumers nationwide have located $92.5 million in lost life insurance policies and annuities since the November 2016 launch of the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator. As previously reported in Agent Headlines, the Delaware Department of Insurance and Maryland Insurance Administration are among the state regulators who embraced the tool, adopting it for their residents.

Throughout the past year, over 40,000 consumers used the policy locator. More than 8,200 of them were matched with a lost or misplaced policy or annuity.

How it works
The NAIC Life Insurance Policy Locator provides nationwide access for assistance with finding life insurance policies and annuities. All consumer requests in the tool are encrypted and secured to maintain confidentiality. Participating insurers compare submitted requests with available policyholder information and report all matches to state insurance departments through the locator. Companies then contact beneficiaries or their authorized representatives.

Access the NAIC Life Insurance Policy Locator

Snowball Effect of Credit Freezes on Underwriting, Pricing

With over 143 million Americans impacted by the Equifax data breach, a record number of consumers are freezing their credit. The move, which restricts access to a credit report, could have a trickle-down effect on a consumer’s insurance rate. Be sure to educate your customers on the potential impacts and workarounds.

The National Association of Insurance Commissioners (NAIC) recently issued a consumer alert on the topic, which explained:

Some states allow insurers to access your credit information to underwrite or rate. In other cases, a policyholder may want to consider temporarily lifting a credit freeze. If a freeze renders a consumer’s credit report inaccessible, the insurer may rate the consumer as if they have neutral credit information or exclude the use of credit information as a factor. This means that a consumer who is up for renewal and has excellent credit may experience an increase in their rate. If you receive an adverse action notice based on the freeze, you should contact your agent or insurer.

The alert goes on to share that, while there often are fees associated with temporarily lifting a credit freeze to conduct specific business (such as buying insurance), there is no charge for consumers impacted by the 2017 Equifax data breach.

Access the NAIC consumer alert

Health Insurance - Rate requests for 2018

Al Redmer, the Maryland Insurance Commissioner reported that five insurance companies filed rates for the individual market, with requests for average rate increases ranging between 18.08 and 58.80 percent.  For the small group market, 10 carriers filed rates. The proposals range between a 2.70 percent average decrease and a 17.50 percent average increase.  These are for 2018.  Following a review, they will make decisions in late summer.  See the link below for additional details.  

Click here to see health rates