The California Department of Insurance advises here how to go about locating a life insurance policy.
California has reached a settlement with 18 life insurance carriers on unpaid life insurance benefits In a June 2013 press release of the settlement with 11 carriers the agreement provisions include:
Like previous settlements, the agreements announced today require the companies to do the following:
- Restore the full value of all impacted accounts dating back to 1995;
- Fully comply with California’s unclaimed property laws and cooperate with the Controller’s efforts to reunite these death benefits, annuity contracts and retained asset accounts with their owners or, in many cases, the owners’ heirs;
- Pay the policy beneficiaries 3% compounded interest on the value of the held amounts from 1995, or from the date of the owner’s death, whichever is later.
