Tennessee Touts Insurance Market Growth; Cites $31M Recovered for Consumers
More than $31.4 million was located and returned to Tennesseans in combined life insurance benefits/annuities and monies returned through the department’s mediation efforts in 2019, according to the Tennessee Department of Commerce & Insurance (TDCI).
In all, TDCI said:
- $27.2 million was located in 2019 for Tennessee consumers through the National Association of Insurance Commissioners’ (NAIC) national life insurance locator. Available since November 2016, the Life Insurance Policy Locator Service is a free tool that enables beneficiaries, executors, or legal representatives of a deceased person to track down the life insurance policies or annuity contracts of their late family members or friends.
- Nearly $4.3 million was returned to Tennessee consumers last year through TDCI’s mediation efforts – a process where TDCI insurance investigators intercede between insurance companies and policyholders to get wrongfully denied claims overturned and paid for policyholders.
TDCI also reported that estimates from the NAIC show $44.8 billion premium volume was written by Tennessee insurance companies in 2019, making Tennessee No. 16 in the nation for premium volume.
“The insurance sector is an important and vital part of Tennessee’s economy, and I commend our team for their work balancing responsible oversight of the insurance industry with assisting stakeholders,” said TDCI Commissioner Hodgen Mainda. “When Tennesseans feel overwhelmed when it comes to questions about insurance policies and coverage, I urge them to remember that we are tireless advocates on behalf of consumers when it comes to answering questions and providing assistance.”
TDCI Assistant Commissioner Rachel Jrade-Rice added that filing a complaint or otherwise contacting department is always an option for policyholders if they are ever denied a claim or even if they have a question or concern about their insurance policies.
In addition, TDCI noted in 2019 that:
- Six new Tennessee domestic insurance companies were licensed.
- 68 total actively licensed Tennessee domestic insurance companies.
- 192 licensed captive insurance companies and 460 cell companies totaling 652 Risk Bearing Entities (RBEs).
- 202,935 total insurance agents licensed in Tennessee – a 6.4% increase in licensed agents compared to last year. The Department also helped oversee the launch of three new third-party testing centers in rural locations where individuals may take their insurance producer exams.
- $22.2 billion nationwide premium written by Tennessee domestic insurance companies.
- $44.8 billion premium volume written in Tennessee by insurance companies, making Tennessee No. 16 in the nation for premium volume according to the NAIC.
- 52 new companies licensed in Tennessee that are not headquartered in Tennessee.
- 1,865 total insurance companies actively licensed in Tennessee.
- For the seventh consecutive year, workers’ compensation insurance premiums are likely to decline for most Tennessee businesses in 2020
Source: Tennessee Department of Commerce & Insurance (TDCI)
