NY finds $665 M in unclaimed life insurance

ALBANY, N.Y. (AP) — New York is requiring life insurance companies to send $665 million to beneficiaries nationwide, many of whom didn't know they were named in the policies.

Gov. Andrew Cuomo says the investigation and a measure he signed into law last year requires insurance companies to try to find beneficiaries, rather than wait for recipients to file claims.

Many of the beneficiaries didn't know they were named as recipients by relatives or friends and so would have likely never filed a claim.

Cuomo said Tuesday that more than 89,000 New Yorkers have been found so far in the state's investigation of companies based in New York.

The probe turned up more than 18,000 New Yorkers who will now get $206 million in life insurance payouts.

Copyright 2013 The Associated Press