Indiana AG announces $18M recovery of uncollected insurance benefits

By Bryan Cohen | Mar 25, 2013

INDIANAPOLIS (Legal Newsline) - Indiana Attorney General Greg Zoeller announced agreements Friday with some of the largest life insurance providers in the nation to recover more than $18 million in unclaimed property for Indiana residents.

Hoosier beneficiaries of long forgotten insurance policies will recover $18,026,392.08 in unclaimed property through agreements with Prudential Financial Inc., MetLife Inc., American International Group Inc. and John Hancock, also known as Manulife. Zoeller praised the companies for entering into agreements with the state.

"This is a positive example of an industry working with the state of Indiana to ensure that Hoosiers receive proceeds as their loved ones intended," Zoeller said.

The agreements are the result of audits performed by Verus Financial LLC on behalf of Indiana and multiple other states. The audits revealed more than 20,000 unreported insurance accounts belonging to Hoosiers who may have misplaced a policy, forgotten details or not even known they were a beneficiary of a policy.

"Indiana's leadership in this audit process reflects our commitment to the rightful owners of unclaimed property," Zoeller said. "It's our obligation to do what we can to seek out these types of funds and to return them to the rightful owners. The recovered money represents hundreds of unreported insurance accounts for Hoosiers, so it is very important that people go online and check for their name, their relatives, neighbors and friends' names to determine if any of these funds belong to them or someone they know."

The initial funds are a portion of the proceeds expected to be uncovered while the state works with the auditor to identify other companies and accounts never remitted as unclaimed property. More than $3 million of added life benefits were already returned to Hoosiers through due diligence.

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