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Regulators from the two states have reclaimed a combined $17 million for consumers so far this year
Online PR News – 18-October-2011 –Recent announcements by regulators in Missouri and Florida that they have delivered millions of dollars in claims to policyholders highlight one of the many public services those officials provide, according to Online Auto Insurance (OAI).
Filing a claim for damages with car insurance companies in Missouri, Florida and other states can sometimes be a hassle because of delays, misunderstandings over the finer points of policies and the difficulty inherent in dealing with a large corporate entity.
That’s where state regulators come in. Regulatory agencies in every state are there to help consumers understand the intricacies of their policies, to ensure that they are dealt with fairly by coverage providers and to help resolve impasses over disputed claims.
Officials in the Show-Me and Sunshine states announced in the past week that they have recovered a combined $27 million for consumers so far this year.
Jeff Atwater, who heads the Florida Department of Financial Services, said the more than $17 million his representatives have gotten for consumers so far this year has come in the form of paid claims, refunds on premiums and restitution.
About $750,000 has been recovered for Florida auto insurance policyholders in the past three months alone.
Missouri Insurance Commissioner John Huff said his department has had more than 9,400 written complaints and inquiries from consumers who had concerns about their auto, health and other policies—nearly double the amount the department had received at the same point last year.
About $2.3 million of the more than $9 million regulators in that state have recovered for policyholders came from claims filed for damages caused by tornadoes earlier this year.
Regulators such as Huff and Atwater can do more than just negotiate settlements, however. They are also legally authorized to fine insurers whose business practices violate state law.
Delaware regulators earlier this month fined two auto insurers a combined $50,000 for breaking that state’s laws by failing to provide certain discounts and adding improper surcharges to policies.
State regulatory officials regularly encourage consumers to contact them for assistance, but they say policyholders should first try to deal directly with their coverage providers.
Source: http://insurance.mo.gov/consumers/complaints/index.php
To learn more about this and other coverage issues, readers can go to http://www.onlineautoinsurance.com/missouri/ where they will find informative resource pages and a helpful rate-comparison generator.
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