Insurers Return Nearly $25 Million to Missouri Customers

The Missouri Department of Insurance announced that consumers received nearly $25 million from their insurance companies in 2021 thanks to the services provided by the department’s Consumer Affairs Division and Market Regulation Division.

The revenues were returned as a result of the Consumer Affairs Division’s mediation work on complaints filed by consumers, as well as the efforts of the Market Regulation Division in ensuring insurance company compliance with Missouri insurance laws.

During 2021, the Consumer Affairs Division handled 2,581 formal complaints and assisted nearly 20,000 consumers either through phone calls, written inquiries, or in person at outreach events. Nearly $15M was returned to consumers through the Division. The largest driver of complaints continues to be accident and health followed by auto insurance.

The Department’s Market Regulation Division focuses on identifying and resolving systemic issues that impact Missouri insurance consumers. In some instances, Market regulation actions may originate from consumer complaints that have been filed with the Department’s Consumer Affairs Division.

In other instances, the issues are identified through a review of insurance company filings and by monitoring insurance company activities in the insurance marketplace. In 2021, the Market Regulation Division recovered $10.8 million. That money went to 32,741 Missouri insurance consumers. Consumers benefit from restitution by receiving refunds from insurance companies for premium overcharges and by receiving payment from insurance companies for claims that were improperly denied or were underpaid.

Source: Missouri Department of Insurance

Topics Carriers Missouri