NJ Insurance Regulators Return More Than $11 Million to Consumers in 2010

The announcement highlights the existence of an important resource for consumers involved in disputes with an insurer, according to OnlineAutoInsurance.com

Online PR News – 24-March-2011 – – New Jersey regulators recently announced the return of $20.7 million to consumers and health care providers last year. The money was returned as the result of the state’s Department of Banking and Insurance’s (DOBI) investigation into consumer complaints and enforcement issues.

More than half of that sum—$11.3 million—went back directly to consumers of New Jersey auto insurance and other types of coverage.

The news from the DOBI underscores the important role that state regulators often play as a third party to assist consumers in resolving disputes between them and their coverage providers. Among the types of disputes that the DOBI assisted in were “claims processing delays, improper handling and denials of claims, and premium refunds due to improper ratings or failures to return unearned premiums.”

Source: http://www.state.nj.us/dobi/pressreleases/pr110217.htm

According to data from the National Association of Insurance Commissioners (NAIC), auto coverage typically comes in as the second largest topic of consumer complaints, with accident and health coverage taking the top spot. Auto accounted for about 36 percent of total consumer complaints reflected in the NAIC data.

The NAIC data also show that claims handling issues—specifically delays, denials of claims and dissatisfaction with settlement sizes—generally account for the largest volume of these complaints.

To learn more about this and other NJ car insurance issues, readers can go to http://www.onlineautoinsurance.com/new-jersey/ where visitors will find informative resource pages and a quote-comparison generator that can be used to jump-start the search for the best rates in the state.

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