BATON ROUGE, LA – Audits of life insurance company policies have uncovered $35 million that should have been paid to Louisiana residents, State Treasurer John Kennedy announced today.

“We comb through insurance companies’ records to find policies that should have been paid but weren’t,” said Treasurer Kennedy. “A lot of times, families weren’t even aware the policies existed. We just paid $80,000 to a widow in New Orleans who didn’t know her late husband had a life insurance policy.”

Working with Versus Financial LLC, the Louisiana Department of the Treasury compares outstanding policies to the Social Security Death Master File (DMF). Insurance companies often do not make concerted efforts to locate beneficiaries or heirs, resulting in unpaid policies. The Louisiana Treasury has been conducting the audits since 2009.

The Treasury’s Unclaimed Property Program holds onto money released by insurance companies through the audit process until the owners are found. So far this year, claimants have received $2.6 million from life insurance policy audits.

“One insurance company just transferred $1.9 million to us. That money comes from more than 600 policies that weren’t paid until now,” said Treasurer Kennedy. “The insurance company likely would just hold onto those dollars if we didn’t conduct these audits.”

Treasurer Kennedy encourages Louisiana residents to search for missing money online at www.LATreasury.comor call the Treasury’s toll-free hotline at 1-888-925-4127 (Monday-Friday, 8 a.m. to 4:30 p.m.).

Contact:
Michelle Millhollon
(225) 342-0012
mmillhollon@treasury.state.la.us