The Michigan Department of Insurance and Financial Services (DIFS) says it helped recover more than $16.2 million for consumers during the 2020 fiscal year, which ended Sept. 30.
DIFS’ Office of Consumer Services helped consumers recover $9 million in settled claims, waived fees, refunds, and other reimbursements from insurance and financial service companies and its Life Insurance and Annuity Search Service (LIAS) helped consumers locate another $7.2 million in unclaimed life insurance and annuity benefits.
DIFS encourages consumers to first attempt to resolve disputes directly with their insurance or financial service provider. If a resolution cannot be reached, the department can help try to resolve disputes. Complaints can also lead to broader consumer protection actions, such as fines and license revocations.
LIAS is a free service from DIFS that helps locate deceased family members’ life insurance policies or annuity contracts that were purchased in Michigan.
Source: Michigan Department of Insurance and Financial Services
Topics Michigan
Was this article valuable?
Here are more articles you may enjoy.
More Americans Are Moving Away From Flood Risk Than Toward It 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
