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Yesterday, Insurance Commissioner Thomas R. Sullivan announced that total recovery on behalf of consumers in 2009 totaled $3,155,553. Each year, the Insurance Department Consumer Affairs Unit recovers an average of $3 to$4 million dollars for consumers.
Commissioner Sullivan stated, "In these difficult economic times, Connecticut policyholders can rest assured that the Insurance Department is working to make sure they receive every penny they are entitled to under the terms of their insurance contract."
Commissioner Sullivan continued, "The Department’s insurance examiners are trained professionals who understand the complexities of insurance products and are well-suited to intervene in disputes between insurers and policyholders. I urge the public to use the Insurance Department as a resource and a mediator should they have a conflict with their insurer."
The Consumer Affairs Unit (CAU) received 6,798 complaints and inquiries, in 2009, directed at a variety of insurance product lines. While all are examined, not all inquires/ complaints submitted to the insurance department are subject to recovery.
The majority of the money recovered and the bulk of the complaints were in Accident and Health product lines. The CAU handled over 3,000 complaints in that area which resulted in consumers recovering $1,260,864 (40% of total recoveries).
Over 1,300 complaint/inquiries related to Auto product lines were received in 2009, and consumers recovered $478,498 (15% of total recoveries) ranking it second for the year. Homeowners product lines accounted for over 10% of complaints and consumers in this category recovered $372,772 (12% of total recoveries).
The CAU intervenes, upon request, in policyholder claim disputes with insurance companies. Recoveries are funds returned to policyholders through the settlement of these disputes; due to this intervention, policyholders often receive funds above and beyond what companies had offered consumers to settle their claims.
Each quarter, the Department’s Consumer Affairs Division analyzes the complaints and inquiries received and pays particular attention to trends that may affect consumers. These trends are shared with Enforcement, Licensing, and Market Conduct units within the Insurance Department and are used to continuously monitor and regulate the entire industry and protect consumers.
In addition to assisting consumers with insurance complaints, the Insurance Department Consumer Affairs Unit offers a Speakers Bureau on a number of insurance topics, at no charge. Consumer Affairs is also a source for unbiased insurance information that will help consumers make a more educated decision about insurance. This information can be obtained from the Connecticut Insurance Department Web site (www.ct.gov/cid) or by contacting Consumer Affairs by phone (800-203-3447/ 860-297-3900) or email (cid.ca@ct.gov).
Consumers who are interested in filing a complaint, have an inquiry, or would like a speaker for an upcoming event are encouraged to visit the Insurance Department Web site at www.ct.gov/cid, or call toll free 1-800-203-3447, or direct at 860-297-3900 for more information.
About the connecticut insurance department
The mission of the Connecticut Insurance Department is to serve consumers in a professional and timely manner by providing assistance and information to the public and to policy makers, by regulating the insurance industry in a fair and efficient manner which promotes a competitive and financially sound insurance market for consumers, and by enforcing the insurance laws to ensure that consumers are treated fairly and are protected from unfair practices. For more information, visit the Connecticut Insurance Department at www.ct.gov/cid.
Connecticut Insurance Department
Source: Stamfordplus.com January 2010
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