American Council of Life Insurance Archives

Life insurance companies must try harder to locate beneficiaries

July 20, 2016July 18, 2016 Marc

States say insurers should be making a greater effort to find heirs to ensure payments are being made. Life insurance companies have paid beneficiaries billions of dollars in unclaimed policy payouts. That said, if many states are successful, it could mean that even more beneficiaries will be receiving funds. Certain state actions aim to force insurance providers to make a greater effort to locate heirs. Almost two dozen states have passed laws pushing life insurance companies to look for policy beneficiaries. Among them, Illinois has become the most recent state…

Health insurance exchange in Washington D.C. sparks more controversy

July 16, 2014July 14, 2014 S.Vagus

D.C. exchange may be illegally collecting fees on supplemental insurance products The Washington D.C. health insurance exchange has fallen into a pit of controversy. A new initiative aims to resolve some of the exchange’s financial problems by allowing it to institute fees on supplemental insurance products. The problem, according to the American Council of Life Insurance, is that these supplemental products are prohibited from being sold through the exchange, according to the Affordable Care Act. As such, they cannot be used as a way to cover the costs of the…