Louisiana Regulators Recover $4M for Insurance Policyholders

Insurance policyholders collected an additional $4 million in the first half of the year as a result of assistance provided by the Louisiana Department of Insurance (LDI).

These funds are a result of staff from the LDI Office of Consumer Services working with company representatives to resolve consumer complaints. More than half of the $4 million came from resolution of property/casualty insurance recoveries.

When a complaint leads to increases in the settlement value from an insurance company to their policyholder, the Department considers the increase recovered funds. Funds recovered are from formal complaints regarding life and annuities, property and casualty, and health products. These recovered funds are in addition to the original amounts offered to consumers by their insurance companies.

Policyholders are able to file complaints through the LDI website and can also access complaint data by company and insurance product online.

The Louisiana Department of Insurance recently enhanced its online Shop Your Rates Guides for homeowners and auto insurance which provides sample rates for companies across the state. With the new feature added in 2017, consumers can now also view the complaint index of each company as they compare premiums.

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

Source: Louisiana Department of Insurance