Colorado Department of Regulatory Agencies: Division of Insurance Recovers $38.4 Million for Colorado Consumers
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Complaint investigations, life insurance and company reviews all contribute to total.
The report offers data and analysis of the year's complaints. While investigations of consumer complaints that result in money going back to consumers are appreciated, providing an understanding of why a claim was denied or how insurance coverage works can be just as important to consumers as recovering money.
"Being a resource for
The recoveries resulting from complaints are returned to consumers in the form of additional claim payments, overturned denials and refunds to policyholders. The largest share of the recoveries were from health insurance, at
In addition to monetary recoveries, investigations can also result in the reinstatement of coverage after improper cancellations or non-renewals. There is no dollar value for such reinstatements, but they are another example of how the DOI helps
In the 2017-18 fiscal year, the DOI opened 3,124 complaints. The number of complaints closed by the team - meaning that the complaint was investigated to its conclusion - was 3,282. As in past years, complaints related to auto, health and homeowners insurance make up the majority of the numbers.
"The Consumer Services team is committed to helping the people of
On top of the money recovered through consumer complaints, in fiscal year 2017-2018, the DOI also returned
The DOI also recovered another
"When people think about insurance, they think about premiums," added Commissioner Conway. "But the Division's work goes beyond just reviewing premiums. We're working to make sure that Coloradans are treated fairly by the industry and that they get what they have paid for in their insurance. I am extremely proud of the work our team did to recover
Consumers with insurance questions, concerns and complaints can contact the Consumer Services section of the
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