New York Regulator Recovered $32M for Consumers in 2009

Last year, insurers in New York paid consumers $32 million and offered to reinstate 116,000 policies that had been improperly cancelled or non-renewed, according to the New York State Insurance Department’s new annual report.

Investigations by regulators with the department’s Consumer Services Bureau lead to the recoveries and reinstatements.

Other 2009 highlights contained in the report:

• There were 738 arrests for insurance fraud and related crimes and court-ordered restitution totaling $5.1 million
• There were 394 disciplinary actions against insurance agents or brokers leading to the surrender of 39 licenses, 53 license revocations and the collection of $1.2 million in fines
• A total of 117,497 licenses were issued by the Department to insurance adjusters, agents and brokers, as well as consultants, reinsurance intermediaries and service contract registrants
• Property/casualty insurers in New York wrote about $313 billion in premium

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Source: New York Insurance Department