Conn. Regulators Recovered $2.3M for Policyholders, Taxpayers in Q3

November 21, 2012

Connecticut Insurance Commissioner Thomas Leonardi announced this week that the Connecticut Insurance Department recovered approximately $2.3 million for policyholders and state taxpayers in the third quarter of 2012.

The Department’s Consumer Affairs Unit (CAU) fielded more than 1,500 complaints and inquiries and helped policyholders recoup nearly $1.2 million from July 1 through September 30.

During that same period, the market conduct division levied more than $1.1 million in fines against carriers and returned that money to the state general fund. The fines resulted from a variety of violations and settlements ranging from untimely claim payments to improper licensing.

“Consumers expect their insurance companies to come through for them in times of need and when that doesn’t happen we want to know about it. Whether it’s a dispute over health insurance or a homeowner’s claim, this department holds carriers accountable when they fail to adhere to state laws and regulations,” Commissioner Leonardi said.

“I encourage anyone with a complaint or question to contact the Department and utilize the resources we have to assist you in resolution.

Since January 1, the department has recovered more than $6.3 million for policyholders and state taxpayers, the commissioner said.

The majority of the funds recovered for policyholders stemmed from complaints over health, accident, homeowners and life and annuities policies. The breakdown of funds recovered from July 1-September 30 is:
• Accident, Health – $677,800
• Auto – $98,260
• Fire and Commercial – $4,320
• General Liability – $14,300
• Homeowners, Farmers – $172,900
• Life, Annuities – $178,350
• Miscellaneous – $22,345

The department calculates its consumer recoveries based on what the policyholder received as a result of the department’s intervention. The inquiries and complaints also help the department identify industry trends that may adversely affect consumers. This data also helps determine topics for consumer education and as tools to help the Department monitor the industry. The market conduct enforcement actions are posted on the department’s website at www.ct.gov/cid.

 

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