Press Releases - January 27, 2016
$6 Million for Policyholders, Taxpayers in 2015
Insurance Commissioner Katharine L. Wade announced today that the Connecticut Insurance Department recovered approximately $6 million for policyholders and taxpayers in 2015, helping individuals and families with their claims and complaints.
“Behind these statistics are the individuals and families the Department was able to help through our intervention,” Commissioner Wade said. “In many cases we were able to make a real difference in their lives and I encourage anyone with questions or concerns about their insurance to contact the Department. We are here to help consumers.”
Some of the 2015 recoveries included:
- $27,000 for home health care services for a senior citizen under her long-term care policy
- $13,000 to pay for speech therapy for an autistic child
- $16,000 paid to a policyholder for an inpatient stay at a skilled nursing facility
- $37,000 in an additional payment to a homeowner to settle a claim
“Our staff makes certain that companies and agents comply with all state insurance laws and regulation and have extensive knowledge to answer a wide range of insurance questions,” the Commissioner said.
The Department’s Consumer Affairs Unit (CAU) fielded more than 6,100 complaints and inquiries and helped policyholders recoup more than $4 million from January 1 to December 31, 2015. Also in 2015, the Department’s Market Conduct division levied approximately $1.7 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
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 2015:
- Accident, Health - $2.7 million
- Auto - $430,000
- General Liability - $17,200
- Homeowners - $530,000
- Life, Annuities - $294,000
- Miscellaneous - $68,000
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
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