The Consumer Affairs Division and Market Conduct Section at the Missouri Department of Insurance helped insurance consumers to receive an additional $16.2 million from their insurance companies in 2018, the department said.
The monies were returned as a result of the Consumer Affairs Division’s mediation work on complaints filed by consumers as well as the efforts of the Market Conduct Section that examines insurance company operations and practices to ensure compliance with Missouri insurance law.
In 2018, the Consumer Affairs Division, which was established by the Missouri Constitution, received 3,240 formal complaints and returned $10.9 to consumers.
The department’s market conduct section focuses on identifying and resolving systemic issues that impact Missouri insurance consumers. In some instances, market conduct actions may originate from consumer complaints that have been filed with the department’s Consumer Affairs Division. In other instances, the issues are identified through monitoring insurance company activities in the insurance marketplace. In 2018, the Market Conduct Division recovered $5.3 million to Missouri consumers.
Source: Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP)
Topics Missouri
Was this article valuable?
Here are more articles you may enjoy.
Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot 
World’s Largest Retirement Community Taps Muni Market to Help Build More Homes 
Alaska Airlines Vows IT Upgrades After Outage Forces 400 Flight Cancellations 
Big Food Readies New Strategy Against RFK Jr. Push in States 
