The Arkansas Insurance Department in 2018 secured an additional $12,836,501 in recoveries and restitution for insurance consumers, Insurance Commissioner Allen Kerr announced.
The Consumer Services Division (CSD) recovered $8,860,187 for consumers last year — a $6 million increase over 2017. Recoveries are dollar amounts recovered in excess of the amounts initially offered by insurance companies. CSD closed 2,528 cases in 2018 while receiving 2,395 consumer complaints. The division had had a combined total of 17,817 Arkansas consumers who either called or walked-in to discuss insurance questions.
The Department’s Criminal Investigation and Legal Divisions, respectively, secured $77,585 and $35,087 in recoveries and restitution in 2018.
The Life Insurance Policy Locator is a free online service provided by the Arkansas Insurance Department and the National Association of Insurance Commissioners (NAIC). The tool helped 201 Arkansans to find $3,863,642 in lost life insurance benefits in 2018. Arkansans can start their search by taking the “Life Insurance Policy Locator” link on the Arkansas Insurance Department homepage.
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