Delaware Regulators Recovered $995K for Consumers During 1st Half of 2015

September 22, 2015

Delaware Insurance Commissioner Karen Weldin Stewart and the Delaware Department of Insurance announced that the Department has recovered $995,558 for consumers during the first six months of 2015.

The Delaware Department of Insurance said its Consumer Services Division received 2,345 formal insurance coverage complaints and inquiries regarding automobile, homeowner’s and health policies between Jan. 1 and June 30, and directly recovered $543,052 from insurers on Delaware policyholders’ behalf. The Division also conducted arbitration hearings requested by or on behalf of policyholders, which netted consumers $452,506 in arbitration awards.

In addition, the announcement said Delaware employers have saved approximately $3,978,296 in workers’ compensation premiums during the same period through the Department’s Workplace Safety Program.

Stewart said the Workplace Safety Program continues to save workers’ compensation costs for Delaware businesses. “I know insurance premiums are a significant part of the cost of operating a business, big or small,” she said. “This program is great because it benefits employers and employees.”

The Department’s Workplace Safety Program incentivizes employers to establish and maintain safe workplaces. The program provides businesses with the opportunity to earn discounts of up to 19 percent on their workers’ compensation insurance premiums by meeting certain safety requirements and agreeing to undergo periodic inspections. The $3,978,296 savings figure, provided by the Delaware Compensation Ratings Bureau, is approximate because businesses may pay their workers’ compensation insurance premium annually, quarterly, or by some other schedule.

Source: The Delaware Department of Insurance

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