Tennessee consumers received $9.4 million in restitution and the recovery of life insurance benefits in 2017, according to the Tennessee Department of Commerce & Insurance’s (TDCI) Consumer Insurance Services Section.
Over $6.5 million was returned to Tennessee consumers in 2017 as a result of restitution — a process in which TDCI insurance investigators mediate between insurance companies and policyholders to get denied claims overturned and paid for policyholders. From January through December of 2017, consumers received $6,579,082 in restitution from TDCI’s efforts. Last year, TDCI-assisted consumers received over $5.1 million.
Additionally, the Department helped consumers recover nearly $3 million in life insurance benefits in 2017 through the Life Insurance Policy Locator Service, which enables beneficiaries to track down the life insurance policies or annuity contracts of deceased family members.
TDCI Assistant Commissioner Michael Humphreys said the Insurance Division is dedicated to responding to the questions and concerns of Tennesseans and providing assistance.
In addition to TDCI’s restitution and recovery efforts, its staff processed over 3,500 complaints and levied over $500,000 in civil penalties through disciplinary actions taken on behalf of Tennessee consumers against licensees who were found to be in violation of the state’s insurance laws.
TDCI said policyholders are encouraged to remember that filing a complaint or otherwise contacting the Department is always an option if they are ever denied a claim or have a question or concern about their insurance policies.
Source: Tennessee Department of Commerce & Insurance