CID: New Releases (07/19/2012) - Insurance Department Recovers $2.4M for Policyholders, Taxpayers in 2nd Quarter

{Connecticut Insurance Department}
STATE OF CONNECTICUT
Insurance Department
 
 
Thomas B. Leonardi
                               Commissioner                                      
 
 
FOR IMMEDIATE RELEASE
 CONTACT: 
Donna Tommelleo
 
860-297-3958
July 19th, 2012

Insurance Department Recovers
$2.4M for Policyholders, Taxpayers in 2nd Quarter

Insurance Commissioner Thomas B. Leonardi announced today that the Connecticut Insurance Department recovered $2.4 million for policyholders and state taxpayers in the 2nd quarter of 2012.
 
The Department’s Consumer Affairs Unit (CAU) fielded about 1,600 complaints and inquiries and helped policyholders recoup $906,000 from April 1 through June 30. During that same period, the Market Conduct division levied more than $1.5 million in fines against carriers and returned that money to the state General Fund. The fines resulted from a variety of violations and settlements ranging from untimely claim payments to improper licensing.
 
“Every day we assist consumers in making informed decisions and understanding their policies. The Department’s comprehensive reviews of company business practices and enforcement of state laws help ensure that policyholders are treated fairly and rightfully reimbursed for insured losses,” Commissioner Leonardi said. “Department examiners have a wealth of expertise in all types of insurance and their advocacy on behalf of consumers gets results.”
 
Since January 1, the Department has recovered more than $4 million for policyholders and state taxpayers, the Commissioner said.
 
The majority of the funds recovered for policyholders stemmed from complaints over health, accident and homeowners policies. The breakdown of funds recovered from April 1-June 30 is:
  • Accident, Health - $542,958
  • Auto - $94,853
  • Fire and Commercial - $490
  • General Liability - $34,310
  • Homeowners, Farmers - $190,667
  • Life, Annuities - $32,382
  • Miscellaneous - $10,418
The Department calculates the amount it recovers based on what the consumer received as a result of the Department’s intervention. The CAU analyzes the inquiries each quarter, identifying trends that may affect consumers. This data helps determine topics for consumer education and as tools to help the Department monitor the industry. The Market Conduct enforcement actions are posted on the Department’s Web site at www.ct.gov/cid
 
### 
 
About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through advocacy, education and outreach. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims
 
For help with all your insurance issues:
  • Ask a question or file a complaint online
  • Call the Consumer Helpline at 800-203-347 or 860-297-3900.
  • Sign up for e-alerts to get the latest news, warnings and rate changes that may affect your premium
  • Visit the Department’s “Be Prepared” page that is updated with seasonal risks
  • Download consumer FAQs on health, homeowner and auto coverage
  • Use the Department’s Speakers Bureau for public events.
  • Visit our Web site and follow the Department on Facebook, Twitter or YouTube
 
 


Content Last Modified on 7/19/2012 10:18:09 AM