Louisiana Insurance Department Helps Consumers Recover $7.6 M in 2016

Insurance Commissioner Jim Donelon reports that insurance policyholders in Louisiana were able to collect an additional $7.6 million last year as a result of assistance provided by the Louisiana Department of Insurance (LDI).

LDI Office of Consumer Services worked with company representatives to resolve consumer complaints that were filed with the office. These recovered funds are in addition to the original amounts offered to consumers by their insurance companies.

In 2016 the LDI received 4,369 complaints and helped consumers recover $7,604,380 in additional payments from companies. In 2015 the LDI helped consumers recover $5,146,106 and there were 3,667 complaints filed.

Funds recovered are from formal complaints regarding property and casualty, health, and life and annuities products. Information on complaints and funds by insurance product is as follows:

Insurance Dispute Settlements (Jan. 1 – Dec. 31, 2016)

The LDI has launched a new web feature that allows consumers to search for and view complaints filed with the department against companies who write insurance in Louisiana. Consumers can visit www.ldi.la.gov/complaintdata to see complaints sorted by company name, premium written and the complaint index which measures complaints for a company relative to the amount of premium written.

The average complaint takes 45 days to fully investigate, depending on the complexity of the case, the LDI said.

Source: Louisiana Department of Insurance

Topics Louisiana