The search function at http://claimyourpolicy.sco.ca.gov, which was unveiled Monday, is nearly identical to the Controller’s Unclaimed Property Search page, which helps return bank account balances, uncashed checks, estates, and more to their rightful owners. The database helped California return more than 492,000 pieces of property during fiscal year 2012-’13.
The new searchable database of insurance settlements will reflect settlements Controller John Chiang reached with 19 life insurance companies totaling an estimated $266.7 million in unpaid benefits to policyholders in California.
The controller said national insurance companies sometimes would draw down a life insurance policy’s cash value to continue paying premiums, even when the policyholder had died and the beneficiaries should have been paid.
“This new search tool will help policyholders and the families of deceased policyholders quickly claim life insurance benefits that have been wrongfully withheld by insurers for far too long,” Chiang said in a statement. “These policies were originally purchased to provide peace of mind and financial security to loved ones. With this search engine, the mailing of over one hundred thousand notices, and an expanded locater unit, I aim to ensure that every dollar is paid and delivered.”
This staff report was originally published by Techwire, a sister publication to Government Technology that covers IT in California state and local government.
