Implementation of Life Insurance/Annuity Search Service

[LOGO] ROBERT BENTLEY GOVERNOR JIM L. RIDLING COMMISSIONER STATE OF ALABAMA DEPARTMENT OF INSURANCE 201 MONROE STREET, SUITE 502 POST OFFICE BOX 303351 MONTGOMERY, ALABAMA 36130-3351 TELEPHONE: (334) 269-3550 FACSIMILE: (334) 241-4192 INTERNET: www.aldoi.gov DEPUTY COMMISSIONER CHARLES M. ANGELL CHIEF OF STAFF RAGAN INGRAM CHIEF EXAMINER RICHARD L. FORD STATE FIRE MARSHAL EDWARD S. PAULK GENERAL COUNSEL REYN NORMAN # BULLETIN NO. 2012-11 TO: All authorized insurers issuing life insurance policies or annuities to Alabama residents FROM: Jim L. Ridling Commissioner of Insurance JLR DATE: October 23, 2012 EFFECTIVE: Immediate RE: Implementation of Life Insurance/Annuity Search Service This Bulletin is directed to each authorized insurer issuing life insurance policies or annuities to Alabama residents. The Department of Insurance is implementing a Life Insurance/Annuity Search Service that will be available to assist people in determining the existence of, and their possible beneficiary status under, life insurance policies or annuity contracts having a death benefit issued to deceased Alabama residents or persons who resided in Alabama at the time of policy or contract issuance. The Search Service will encompass individual and group life insurance and annuity contracts. 1. Each insurer issuing life insurance policies or annuities in Alabama must designate an individual Policy Search Coordinator for purposes of administering the Search Service when it becomes operational. Effective November 1, 2012, the Department will activate the link Life/Annuity Policy Search Service on the Department's web-site (www.aldoi.gov). Additional detailed information about the Search Service will be available at the link. Before December 31, 2012, an insurer should use that link to establish an account, designate the insurer's Policy Search Coordinator, and create the Coordinator's user id (Coordinator's company e-mail address) and individual password. Once approved by the Department, the Coordinator may then use the user id and password to administer the Service. 2. The Department expects the Search Service to become fully operational on February 1, 2013. At that time, people may begin using the Search Service to submit requests to the end of determining the possible existence of life insurance policies or annuity contracts having a death benefit on the lives of deceased Alabama residents or persons who were residing in Alabama at the time a policy or annuity was issued. EQUAL OPPORTUNITY EMPLOYER Bulletin No. 2012-11 October 23, 2012 Page 2 3. Once the Search Service becomes operational, on or about the first day of each month, the Department will send a blast e-mail to insurers' Policy Search Coordinators advising them of the availability of a list of requests submitted through the Search Service. The list will be in spreadsheet format which can be downloaded by an insurer's Policy Search Coordinator by accessing the insurer's account established with the Department. 4. An insurer's Policy Search Coordinator must run the monthly spreadsheet information through the insurer's records to determine if there is a match. In the event of a match, the insurer is expected to do the following: 4.1 Initiate contact with the beneficiary or beneficiaries identified in the insurer's records (who may be different from the person(s) submitting the search request) to determine what may be needed for the beneficiary or beneficiaries to submit a claim; and 4.2 Return to the Department a completed "Policy Found Form" (an interactive form available in the insurer's account). This information will be only for use of the Department. The Department will not contact the beneficiary or beneficiaries or the person(s) submitting the search request. 5. Questions concerning the Search Service may be directed to: Myra Frick Consumer Service Manager 334-241-4179 myra.frick@insurance.alabama.gov -or- Sherrie Jones Consumer Services Division 334-240-4416 sherrie.jones@insurance.alabama.gov 6. Information technology questions about establishing an insurer's account or the downloading of the monthly spreadsheets of requests should be e-mailed to: ITHelp@insurance.alabama.gov JLR/JFM/bc