State insurance department recovers $10 million in '05

Tuesday, May 16, 2006
The Missouri Department of Insurance helped consumers recover more than $10 million from insurance companies in 2005. Preliminary figures also show that almost 4,500 complaints were received by the department's Consumer Affairs Division in 2005, with an additional 3,400 inquiries logged during that same year. Through informal resolution, the department is able to assist consumers with concerns about sales practices and claim and settlement amounts.

"I'm very pleased that the department was able to have a hand in helping consumers with money owed to them by insurance companies," said Dale Finke, director of the Missouri Department of Insurance. "It quite simply shows how seriously department employees take their commitment to consumers each and every day."

Consumers that have questions about their insurance claim or policy provisions can call the department hotline at (800) 726-7390. Complaints against insurance companies or producers may be filed by dialing the same number, or by visiting the department's Web site at www.insurance.mo.gov.

The Missouri Department of Insurance is charged with the responsibility of consumer protection in the regulation of the insurance industry in Missouri.  This includes financial examinations into the financial condition of insurance companies so that they are able to cover claims, market regulation examinations into the conduct of the insurance companies in their dealings with customers, licensing of qualified insurance producers, and a Consumer Affairs division that works to assist consumers with insurance-related complaints, and investigates insurance fraud.

Agents numbering over 90,000 maintain licensure with the department to transact insurance business in the state of Missouri. Each year, customer service representatives with the department field tens of thousands of phone calls from consumers, providing assistance to Missouri residents who have questions/concerns regarding various aspects relating to insurance.

For more information on services provided by the Missouri Department of Insurance, visit the Department's Web site at http://www.insurance.mo.gov.