Insurance Department Recoups Funds For Policyholders, Fines Insurers For A Total Of $2.3 MIllion

The Connecticut Insurance Department recovered funds for insurance customers and fined insurers for violations for a combined total of about $2.3 million during the three-month period ending Sept. 30.

The department’s Consumer Affairs Unit handled more than 1,500 complaints and inquiries and helped recover almost $1.2 million during the third quarter of the year for insurance policyholders. Separately, the department’s Market Conduct division levied more than $1.1 million in fines against insurance companies, which is money that’s deposited into the state’s General Fund. The fines were for various violations and settlements such as untimely claim payments and improper licensing.

“Consumers expect their insurance companies to come through for them in times of need and when that doesn’t happen we want to know about it,” said Connecticut Insurance Commissioner Thomas B. Leonardi. “Whether it’s a dispute over health insurance or a homeowner’s claim, this department holds carriers accountable when they fail to adhere to state laws and regulations. I encourage anyone with a complaint or question to contact the department and utilize the resources we have to assist you in resolution.”

The funds recovered for policyholders were in the following types of insurance:

•           Accident, Health – $677,800

•           Auto – $98,260

•           Fire and Commercial – $4,320

•           General Liability – $14,300

•           Homeowners, Farmers – $172,900

•           Life, Annuities – $178,350

•           Miscellaneous – $22,345