Colorado Touts $188 Million in Consumer Insurance Savings

Adding up savings, penalties and fines assessed, and surcharges on fines, the Colorado Department of Regulatory Agencies’ Division of Insurance tallied more than $188 million in savings and benefits to consumers for the fiscal year ending in June 2009.

“While the overall number is impressive, we also know that even small consumer savings can have a great impact on individuals who see restored benefits or receive monies to which they are entitled,” said Insurance Commissioner Marcy Morrison. The total includes nearly $13 million saved or restored to consumers by the Consumer Affairs section, which addresses consumer complaints and concerns.

“Sometimes the amount restored to the customer is only a few hundred dollars, sometimes much more,” Morrison said. “But they appreciate the diligence with which our staff approaches each individual situation to be sure the consumer is educated and protected.”

The Rates and Forms section, which reviews premium rate filings, tallied nearly $20 million in savings, primarily due to negotiation of rate increases which were deemed inappropriate. The Division of Insurance’s actuarial section noted a savings of $152 million, which includes the reduced premium charged for workers compensation insurance to all Colorado employers. This includes savings from the Division’s order of a reduction of 16 percent in workers’ compensation loss costs in the fall of 2008, and those savings appear in calendar year 2009.

Source: DORA

Topics Colorado