Oklahoma State Treasurer's Office Battles Insurance Companies

The state treasurer's office is battling with insurance companies it says are trying to take away benefits owed to Oklahomans. 

The treasurer's office has about $600 million worth of unclaimed property.

They say the issue right now is with unclaimed insurance policies.

The office says some of the nation's biggest insurance companies aren't paying out if no one makes a claim.

And often, family members don't even know about the policies in the first place.

Oklahoma lawmakers are considering a bill right now that would allow insurance companies to use the social security death master file to find beneficiaries... but the catch is, it would only apply to policies made after the bill is signed.

“Not only are they trying to keep the money from families who have lost a loved one and who have paid these benefit and are due these benefits, but they’re also trying to trick legislators into thinking that they’re voting to do something good for their constituents, when they’re doing just the opposite,” state treasurer Ken Miller said.

Several other states also are considering similar legislation.

60 Minutes will be airing a deeper investigation into insurance companies that includes interviews with Miller. The piece airs on Sunday night.