Magazine
Subscribe
Editorial
Media Kit
Talk to us

News Jan 22, 2019 - 5:26:26 AM


CID: Insurance Department Recovers Nearly $8 Million for Policyholders, Taxpayers in 2018

By The Connecticut Insurance Department





Font size: Small Big
Email this article
 Printer friendly page
Share this article:
facebook del.icio.us Yahoo! MyWeb Digg reddit Furl Blinklist Spurl
Buy the "As seen on" mug
The Connecticut Insurance Department recovered nearly $8 million for policyholders and taxpayers in 2018, helping individuals, families and employers with their claims and complaints.

“The Department’s Consumer Affairs staff helps thousands of consumers each year with their questions and concerns about their insurance and makes certain that companies are compliant with all state insurance laws and regulations,” Acting Commissioner Paul Lombardo says.

The Department’s Consumer Affairs Unit (CAU) fielded 6,350 complaints and inquiries in 2018 and helped policyholders recoup more than $5.5 million from January 1 to December 31, 2018. Also in 2018, the Department’s Market Conduct Division levied approximately $2.3 million in fines against carriers and returned that money to the state’s General Fund. The fines resulted from a variety of violations and settlements ranging from untimely claim payments to improper licensing.

The majority of the funds recovered for policyholders stemmed from complaints over health, accident, homeowners and life and annuities policies. The following is the breakdown of funds recovered in 2017:

Accident, Health - $2.3 million
Auto - $1.5 million
General Liability - $30,000
Homeowners and Commercial Property - $1.13 million
Life, Annuities - $523,000
Miscellaneous - $37,000

The Department calculates its consumer recoveries based on what the policyholder received as a result of the Department’s intervention. The inquiries and complaints also help the Department identify industry trends that may adversely affect consumers and trigger investigation by the Market Conduct division.

Complaint data also help determine topics for consumer education and serve 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




© Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Photos without a credit line are "contributed photos".




[an error occurred while processing this directive]




Note: We reserve the right to delete posts at any time if we decide that they are offensive or distasteful.
CURRENT HEADLINES:
American Red Cross: Heat Wave: Safety Tips to Beat the Heat
SHU political expert releases book on Connecticut's crises
Bridgeport Mayor Ganim announces excessive heat warning remains in effect for Bridgeport
Curtain Call's 29th annual Summer Youth Theatre Production
Waterbury's Palace Theater history class - registration now open for fall class


Top of Page










StamfordPlus.com is part of the Canaiden Online Media Network.
Stamford Plus Online | Norwalk Plus Online | Canaiden.com | Best of Norwalk | Best of Stamford | Hauterfly Magazine | SummerCampPlus.com

Copyright ©2005-2010 Canaiden,LLC All Rights Reserved.