The newest FAQ from the writers at OnlineAutoInsurance.com explains state regulatorsâ€™ role in the car insurance industry.
Online PR News – 02-December-2010 – – The responsibility of regulating the car insurance industry falls to the individual states, which in turn have set up their own regulatory agencies that collect fees, license insurers, ensure financial soundness of coverage providers, review premium-calculation formulas and act as consumer advocates. If residents of a state have had any contact with their respective regulatory agency, it was most likely in this last capacity â€” as consumer advocate â€” since thousands of complaints against insurers are filed with the state every year.
When policyholders have disputes over coverage that cannot be resolved between them and their provider, they have their state department of insurance to turn to. These regulatory bodies often act as an independent mediator in disputes between insurers and policyholders. State regulators in Missouri, for instance, reportedly helped one Missouri car insurance consumer collect payment on a $9,000 damage claim that had been denied by an insurer because of an alleged failure to pay her premiums. After the department stepped in, it was discovered that the money had simply been misapplied.
Taken as a whole, regulatory agencies routinely recover millions of dollars for policyholders annually. Colorado car insurance policyholders, for example, were returned a total of approximately $2.8 million in the 2009-2010 fiscal year as a result of regulator intervention.
Readers who would like to access the website of their stateâ€™s regulatory bodies can go to www.consumeraction.gov/insurance.shtml target="_blank" class="highlight_link">http://www.consumeraction.gov/insurance.shtml where they will find a comprehensive list with contact information.
To learn more about auto coverage issues, consumers can go to www.onlineautoinsurance.com/missouri/ target="_blank" class="highlight_link">http://www.onlineautoinsurance.com/missouri/ where visitors will find informative articles and will be able to use the free quote-comparison generator to evaluate rates from a variety of carriers.