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January 31, 2018

CT regulators recoup $6.8M for insured policyholders in '17

Photo | HBJ File Connecticut Insurance Commissioner Katharine Wade.

The Connecticut Insurance Department recovered $6.8 million for policyholders and taxpayers in 2017, Commissioner Katharine L. Wade said Wednesday.

The department recoups the money while helping individuals, families and employers with claims and complaints.

In 2016, the agency returned $7.5 million to state policyholders.

The Department’s Consumer Affairs Unit (CAU) fielded 5,800 complaints and inquiries in 2017 and helped policyholders recoup nearly $4.8 million from Jan. 1 to Dec 31. Also in 2017, the department’s Market Conduct Division levied approximately $2 million in fines against carriers and returned that money to the state’s General Fund.

The fines resulted from a variety of violations and settlements ranging from untimely claim payments to improper licensing. Most of the funds recovered for policyholders stemmed from complaints over health, accident, homeowners and life and annuities policies.

The breakdown of recovered funds includes:

  • $2.9 million for accident and health;
  • $739,000 for life and annuities;
  • $584,200 for auto;
  • $344,600 for homeowners and commercial property;
  • $101,000 for general liability; and
  • $89,000, miscellaneous.

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