Michigan Recovers More than $16.2M for Insurance Consumers

The Michigan Department of Insurance and Financial Services (DIFS) says it helped recover more than $16.2 million for consumers during the 2020 fiscal year, which ended Sept. 30.

DIFS’ Office of Consumer Services helped consumers recover $9 million in settled claims, waived fees, refunds, and other reimbursements from insurance and financial service companies and its Life Insurance and Annuity Search Service (LIAS) helped consumers locate another $7.2 million in unclaimed life insurance and annuity benefits.

DIFS encourages consumers to first attempt to resolve disputes directly with their insurance or financial service provider. If a resolution cannot be reached, the department can help try to resolve disputes. Complaints can also lead to broader consumer protection actions, such as fines and license revocations.

LIAS is a free service from DIFS that helps locate deceased family members’ life insurance policies or annuity contracts that were purchased in Michigan.

Source: Michigan Department of Insurance and Financial Services