Connecticut Regulators Recover $2.4 Million in 2nd Quarter

The latest report from Connecticut on funds recovered for the state showed that the money regulators reclaimed ramped up in the second quarter of 2012, with $2.4 million going back to the state’s residents and the general fund.

During the first quarter, officials at the Connecticut Insurance Department (CID) reported recovering more than $1 million.

As has often been the case, a vast majority of the recovered monies stemmed from disputes over health- and accident-related policies, with funds from homeowners disputes coming in second. Auto-related recoveries were the third-largest category, totaling nearly $95,000 for the second quarter.

Also during the second quarter, the CID’s market conduct division charged insurers more than $1.5 million in fines; that money went back to the state’s General Fund.

So far in 2012, CID regulators have recovered more than $4 million total, according to the latest figures. The CID reported recovering about $6.75 million last year.

Such departments exist in every state in the U.S. to recover funds for taxpayers, resolve disputes between insurers and policyholders and provide answers to auto insurance questions that the state’s residents may have.

Most complaints are related to differences over the amount of claim compensation or how those claims are dispensed.

“The department’s comprehensive reviews of company business practices and enforcement of state laws help ensure that policyholders are treated fairly and rightfully reimbursed for insured losses,” CID Commissioner Thomas Leonardi said in a statement.

Other states in the U.S. have yet to announce their second-quarter recoveries.

For the first quarter, regulators elsewhere announced recovering: $3.4 million in Pennsylvania; $2.2 million in Missouri; $2.4 million in Montana; and $1.3 million in Delaware.

About Charles Nguyen
Charles Nguyen is an enterprising journalist who reported for and the Desert Dispatch and was the editor in chief of the Guardian (the twice-weekly newspaper at the University of California, San Diego) before coming to Online Auto Insurance News.

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