Banking & Finance

Ohio Offers Search to Find Unclaimed Insurance Money

COLUMBUS, Ohio – The Ohio Department of Insurance wants to help residents of the Buckeye State discover whether they are beneficiaries of life insurance policies or annuities they didn’t know existed.

The director of the insurance department, Lt. Gov. Mary Taylor, said this week that its a search service, begun in 2009, “helps Ohioans identify money that may belong to them … more than 1,530 matches have been made.”

The service connects the potential beneficiary – a member of the deceased individual’s immediate family, executor or legal representative – with the Ohio insurance company for review and the insurer contacts the beneficiary if money is to be paid.

The Department of Insurance provides a form to be completed and acts as intermediary. Forms can be obtained by going to MissingMoney.com.

The proceeds of the insurance policy or annuity are held by the Ohio Department of Commerce, which releases the funds once ownership has been authenticated.

Published by The Business Journal, Youngstown, Ohio.