Conn. Regulators Recovered $1.8M for Policyholders, Taxpayers in Q2

Connecticut Insurance Commissioner Thomas B. Leonardi announced Monday that the Connecticut Insurance Department recovered nearly $1.8 million for policyholders and taxpayers in the second quarter of 2014.

“The advent of the Affordable Care Act resulted in more people having health insurance — some for the very first time. Our staff of experts is well versed in the law and handled hundreds of questions from consumers on their new coverage. The Department’s free assistance included helping policyholders navigate the claims process and understand their benefits,” Commissioner Leonardi said.

“I encourage anyone with an insurance question or complaint to reach out to the Department help,” Commissioner Leonardi said.

The Insurance Department’s Consumer Affairs Unit (CAU) fielded more than 1,600 complaints and inquiries and helped policyholders recoup more than $1.3 million from April 1 to June 30.

The Department’s Market Conduct Division fined carriers approximately $440,000 for deposit to the General Fund and for continued consumer outreach and education. The fines resulted from a variety of violations and settlements ranging from untimely claim payments to improper licensing.

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 in the second quarter is as follows:

• Accident, Health – $818,000
• Auto – $122,000
• General Liability – $500
• Homeowners, Farmers – $198,000
• Life, Annuities – $16,500
• Miscellaneous – $155,000

Consumer recoveries and industry fines have totaled approximately $3.4 million since January 1, 2014.

The Connecticut Insurance Department said it 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 and trigger investigation by the Market Conduct division. This data also helps determine topics for consumer education and serve as tools to help the Department monitor the industry.

Source: The Connecticut Insurance Department

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Topics Connecticut