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Sunday, July 14, 2019

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Insurance department recovers $4 Million for policyholders

Insurance department recovers $4 Million for policyholders

Enhanced online shopping guide provides consumers with more information to make insurance decisions

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 Louisiana Department of Insurance (LDI) Office of Consumer Services working with company representatives to resolve consumer complaints.

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.

“As a coastal state that has endured more than its fair share of disasters, insurance is a must-have for Louisiana families. Our online resources can put the power back into the hands of consumers to give them more information to make informed decisions,” said Commissioner Donelon. “But rates are only part of the story. You want a company that will be helpful and responsive in the event that you do have a claim and that’s where the online complaint information can provide a fuller picture.”

The average complaint takes 45 days to fully investigate, depending on the complexity of the case. In addition to filing a formal complaint online, a paper complaint form may be obtained by mail from the LDI.

Consumers may also file a complaint by visiting the LDI and meeting with an insurance specialist who can help them with the process. Appointments are not required and the LDI keeps staff members available between 8:00 a.m. and 4:30 p.m. Policyholders who file a complaint will receive a tracking number which they can use to check the progress of their complaint online.