Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, March 2, 2016
(INDIANAPOLIS) - The Indiana Department of Insurance (IDOI) was busy in 2015 making sure Hoosiers were protected as they purchased and used insurance products.
The department's mission is to protect consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents to ensure they are in compliance with state laws.
"It's the responsibility of the department to protect Hoosiers by keeping their assets and their families from loss or harm that may be caused by noncompliant insurance companies, agencies or agents. It's incumbent on the department to take action against those who cause harm to consumers and hold them accountable for their actions," said Commissioner Robertson.
In 2015, the IDOI recovered a total of $6,153,593 for Hoosier consumers through the Consumer Services Division and the Enforcement Division of the department.
The IDOI Consumer Services Division recovered $4,965,067 as a result of complaints filed by consumers. Complaints included denial or delay in a settlement of a claim; problems concerning insurance premiums and rates; theft of premiums paid to an agent, broker, or solicitor; improper handling of an insurance claim by a company or agent; illegal cancellation or termination of an insurance policy; and misrepresentation by an agent broker or solicitor.
After the information regarding a complaint has been collected, IDOI thoroughly investigates all of the facts and circumstances to see if the matter can be resolved without a formal enforcement action.
Those complaints that the IDOI feel have merit but that cannot be resolved by agreement are forwarded to the IDOI's Enforcement Division. Of the 3,730 complaints received by the Consumer Services Division, 363 of those were forwarded on to the Enforcement Division for further investigation and possible action.
The culmination of the Enforcement Division's efforts in 2015 resulted in an additional $1,188,526 recovered for Hoosiers from enforcement actions taken against insurance companies/agencies and agents for non-compliance with state regulations.
Hoosiers interested in filing a complaint against an insurance company must submit the complaint in writing online, or print off the Complaint Form and mail to the Consumer Services Division, 311 W Washington Street, Suite 300, Indianapolis IN 46204-2787 or fax to 317-234-2103.
About the Indiana Department of Insurance
The Indiana Department of Insurance protects Indiana's insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The department monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The department also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.
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