HARTFORD — Connecticut Insurance Commissioner Thomas R. Sullivan announced that total recovery on behalf of consumers in 2009 totaled $3,155,553.
Each year, the Insurance Department Consumer Affairs Unit recovers an average of $3 to $4 million dollars for consumers.
Sullivan said in a prepared state-
ment, “In these difficult economic
times, Connecticut policyholders
can rest assured that the Insurance
Department is working to make
sure they receive every penny they
are entitled to under the terms of
their insurance contract.”
He continued, “The Department’s
insurance examiners are trained
professionals who understand the
complexities of insurance products
and are well-suited to intervene in
disputes between insurers and pol-
icyholders. I urge the public to
use the Insurance Department as a
resource and a mediator should
they have a conflict with their in-
surer. “
The Consumer Affairs Unit received
6,798 complaints and inquiries, in
2009, directed at a variety of insur-
ance product lines. While all are
examined, not all inquires/ com-
plaints submitted to the insurance
department are subject to recovery,
Sullivan noted.
The majority of the money recovered and the bulk of the complaints were in Accident and Health product lines. The Consumer Affairs Unit handled over 3,000 complaints in that area which resulted in consumers recovering $1,260,864 (40% of total recoveries).
Over 1,300 complaint/inquiries re-
lated to Auto product lines were
received in 2009, and consumers
recovered $478,498 (15% of total
recoveries) ranking it second for the
year. Homeowners product lines ac-
counted for over 10% of complaints
and consumers in this category re-
covered $372,772 (12% of total
recoveries).
The Consumer Affairs Unit intervenes, upon request, in policyholder claim disputes with insurance companies. Recoveries are funds returned to policyholders through the settlement of these disputes; due to this intervention, policyholders often receive funds above and beyond what companies had offered consumers to settle their claims.
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Each quarter, the Department’s Consumer Affairs Division analyzes the complaints and inquiries received and pays particular attention to trends that may affect consumers. These trends are shared with Enforcement, Licensing, and Market Conduct units within the Insurance Department and are used to continuously monitor and regulate the entire industry and protect consumers.
ST. PETERSBURG, FLA. — United Insurance Holdings Corporation announced this week that its subsidiary United Property & Casualty Insurance Company would be seeking approval to write property and casualty insurance in several states: Massachusetts, Connecticut, Rhode Island, New York, North Carolina, South Carolina, and New Jersey.
The company currently writes homeowners, dwelling fire and services flood policies only in Florida. United P&C said that it feels the Northeast markets “have a need for a well-capitalized” company. The insurer noted that it had $194.7
million in cash and investments in September 2009.
“We decided that the time was
right to explore other markets
and potentially expand our geo-
graphic footprint,” noted Don
Cronin, United’s CEO, “and we
think United’s products particular-
ly fit the needs of homeowners in
these regions of the United States.
Our experience in Florida at man-
aging our exposure and adapting
to changing market conditions
will assist us greatly in our
attempts to expand into new mar-
kets.”
Founded in 1999, United Proper-
ty & Casualty Insurance Company,
a subsidiary of United Insurance
Holdings Corp., primarily un-
derwrites homeowners insurance
in Florida. From its headquarters
in St. Petersburg, United’s team
of dedicated employees man-
ages a completely integrated
insurance company, including sales,
underwriting, customer service
and claims. The company distrib-
utes its homeowners, dwelling
fire and flood products through
many agency groups and conducts
business through four
wholly-owned subsidiaries. Home-
owners insurance constitutes the
majority of United’s premiums and
policies. ■
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