| FOR IMMEDIATE RELEASE January 29, 2021 |
CONTACT: Jim Carson, Communications Director 860-214-1539 Jim.Carson@ct.gov |
Insurance Department Recovers
Nearly $6 Million for Policyholders, Taxpayers in 2020
The Connecticut Insurance Department (CID) recovered nearly $6 million for Connecticut policyholders and taxpayers in 2020, helping individuals, families, and employers with their claims and complaints.
“The Insurance Department’s mission is consumer protection. We make sure that companies are compliant with all state insurance laws and regulations, and conduct their business appropriately,” said Commissioner Andrew N. Mais.
“The Consumer Affairs Department staff helps thousands of residents each year by answering questions, investigating complaints and recovering denied or underpaid claims to policy holders,” said CID Consumer Affairs Director Gerard O’Sullivan.
The Consumer Affairs Department fielded 5,668 complaints and inquiries in 2020 and helped policyholders recoup more than $4 million from January 1 to December 31, 2020.
Also, in 2020, the Department’s Market Conduct division levied approximately $1.78 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.
“Insurers know that we will hold them accountable for their actions,” said CID Market Conduct Director Kurt Swan. “We monitor consumer complaints as well as initiate our own investigations to make sure consumers are being treated fairly.”
The following is the breakdown of funds recovered in 2020:
- Accident, Health - $1.86 million
- Auto - $288,000
- Fines from Market Conduct Exams - $1,782,223
- Fire, Allied Lines, CMP - $428,000
- General Liability - $56,000
- Homeowners and Commercial Property - $1 million
- Life, Annuities - $260,000
- Miscellaneous - $155,500
The Department calculates its consumer recoveries based on what the policyholder received because 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 portal.ct.gov/cid