Delaware Insurance Commissioner Karen Weldin Stewart said through Department of Insurance interventions, Delawareans recovered $1,827,923 in the first nine months of 2011.
The breakdown of the restituted funds consists of complaints ($580,303); arbitration ($592,930); and market conduct ($654,690).
The Commissioner also said businesses participating in the workplace safety program saved $5,619,384 on workers’ compensation premiums.
Commissioner Stewart said she credits robust investigations of consumer complaints and modernization of data retrieval.
The department utilizes the State Based System (SBS) provided by the National Association of Insurance Commissioners (NAIC). Delaware insurance regulators have been using this system to document and track calls of inquiry and complaints received from Delaware policyholders for all lines of insurance.
“Successfully protecting Delawareans is the art of balancing several forces that include keeping premiums minimal, a variety of carriers and products available and the insurance companies viable,” Commissioner Stewart said.
Was this article valuable?
Here are more articles you may enjoy.
How One Hacker Used AI Agents, a Few Thousand Dollars to Break Into Websites 
Fisherman Killed by 12-Foot Alligator at Central Florida Lake 
Travelers Reports Solid Underwriting, Record Investment Income for Q3 
Broad AI Exclusions in Insurance Policies Could Create Uncertainty, Marsh CEO Says 
