The Division of Insurance worked to redeem $8.3 million for consumers from word companies final year

DENVER – As National Consumer Protection Week kicks off this week (March 5-11), a  Colorado Division of Insurance (DOI), partial of a Department of Regulatory Agencies (DORA), announced that it recovered $8.3 million for Colorado consumers in 2016. This is income that a DOI worked to get behind to consumers from word companies.    

“I adore this partial of DOI’s work,” pronounced Insurance Commissioner Marguerite Salazar.  “Recoveries impact people in a really genuine way.  It’s because we inspire Coloradans to hit us when they trust they are being treated foul by their word company.”

“We truly conclude how severely a Division of Insurance takes a needs of Colorado consumers and how tough they work to safeguard that word companies are profitable their claims to their customers,” pronounced Joe Neguse, DORA Executive Director. “This is good news for Colorado consumers as we conduct into a week that nationally recognizes a significance of consumer protection. It’s also a good sign to ‘Ask DORA’ if we have a doubt or concern.”

Recoveries are done adult of opposite components.

  • Reversing claims that were primarily denied by word companies

  • Additional payments for existent claims

  • Coverage clarifications that outcome in explain payments or additional payments

  • Paid claims after a process has been reinstated

Recovery amounts can be vast or small, though are always critical to those receiving them.  “The DOI researcher was means to get a return of roughly $500 for me – we would not have perceived it otherwise,” one chairman told a Division.  

And mostly it brings an finish to weeks or months of highlight for consumers. One consumer told a DOI, “I am so beholden for your agency! I’d been perplexing to solve an emanate for 3 years and we did it in 30 days. Thank you!”  Another said, “My usually wish is that we would have contacted we sooner.  Six months of frustration, all solved immediately by you.”  

The consumer recoveries for 2016 are damaged down into a following categories of insurance:

Annuities  —                     $622,230
Auto word  —             $2,462,475
Health word  —          $2,364,412
Homeowners word —  $917,235
Liability word  —        $73,955
Life word   —             $1,075,465
Other*  —                         $546,140
Title word   —            $243,126
TOTAL  —                        $8,305,038

* Includes several forms of insurance:  commercial, worker’s compensation, pet, travel, home glow (landlord’s insurance), cargo.

However, these recoveries do not comment for DOI’s efforts in removing consumers’ word coverage backed after being erroneously terminated.  “You can’t put a dollar figure on a clarity of confidence someone gets in removing their word behind – either that’s homeowners, auto, life or health insurance,” pronounced Commissioner Salazar.  “But it’s only as critical as a dollars we get behind for consumers.”

For example, a consumer contacted a DOI after her word conduit cancelled her process for non-payment of premium. After a DOI investigated, a association satisfied they done an blunder and backed a policy. In another instance, an word association did not replenish a policy, though unsuccessful to yield notice of this within a time support compulsory by Colorado law. The DOI got a association to return a coverage, that resulted in a explain of over $12,000 being paid.

The DOI regulates a word attention in Colorado and a goal is to foster correspondence and make laws to assistance strengthen consumers.  It is a apparatus for Coloradans, where word experts can answer questions and yield easy-to-understand information.  If people trust a explain has been rubbed improperly, or has been denied when it shouldn’t have, a Division wants to know.  If consumers are being mistreated or misinformed about their insurance, they should hit a DOI.  Not all problems can be fixed, though seeking questions and removing information is always helpful.

Contact a DOI:  303.894.7490 / 1.800.930.3745 (outside a Denver metro area) / /

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