Conn. Regulators Recovered $6.3M for Policyholders, Taxpayers in 2014

January 30, 2015

The Connecticut Insurance Department recovered approximately $6.3 million for policyholders and taxpayers in 2014, the state’s Deputy Insurance Commissioner Anne Melissa Dowling announced today.

“Connecticut consumers rely on insurance to provide peace of mind for their homes, families and financial future. We take any concerns or complaints that arise very seriously,” said Dowling. “Department staff has expertise in every form of insurance and routinely helps consumers through complex claims processes and questions. I strongly urge consumers to contact the Departments with questions of any kind.”

The Connecticut Insurance Department said its Consumer Affairs Unit (CAU) fielded more than 6,500 complaints and inquiries and helped policyholders recoup more than $4.3 million from Jan. 1 to Dec. 31, 2014.

In addition, the Department’s Market Conduct division levied approximately $2.03 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.

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 first quarter is as follows:

• Accident, Health – $2.5 million
• Auto – $381,000
• General Liability – $65,000
• Homeowners – $577,000
• Life, Annuities – $330,000
• Miscellaneous – $408,000

The 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. The Department said this data also helps determine topics for consumer education and serve as tools to help the Department monitor the industry.

Source: Connecticut Insurance Department

Was this article valuable?

Here are more articles you may enjoy.