The Department of Insurance and Financial Services (DIFS) Office of Consumer Services assisted 8,353 consumers across the state and helped recover more than $1.7 million.
“We strive to create and maintain active relationships with both consumers and licensees in the insurance and financial services industries to ensure adequate protections while fostering growth, strength and sustainability,” said DIFS Director Patrick McPharlin.
In one notable recovery, DIFS’ assistance helped to restore a Wayne County resident’s $1 million annuity.
DIFS encourages consumers to first attempt to resolve disputes directly with their financial service entity. If a resolution cannot be reached, the department can help try to resolve disputes. Complaints can often lead to larger consumer protection actions, such as fines and license revocations.
The department said consumer complaints have risen over the past three months. Last month 357 new complaints were opened and 437 complaints were closed.
Source: Michigan DIFS
Topics Michigan
Was this article valuable?
Here are more articles you may enjoy.
WR Berkley Founder and Executive Chairman Dies at 80 
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
Hedge Funds Are Expanding Desks Designed to Profit From Natural-Catastrophe Risk 
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
