Life Insurance coverage Insurance policies Matched for 325 Mainers By means of NAIC
AUGUSTA – Maine Superintendent of Insurance coverage Bob Carey introduced at present that $5,038,305 was recovered for Maine folks and Maine companies by the Bureau of Insurance coverage in 2024. As well as, insurance policies valued at greater than $7 million have been matched to Mainers by means of the Life Insurance coverage Coverage Locator, a service offered by the Nationwide Affiliation of Insurance coverage Commissioners (NAIC), of which Maine is a member.
The Bureau investigates client complaints involving a wide range of points, together with allegations of improper billing, incorrect claims processing, denial of cost for companies, and unlawful insurance coverage gross sales practices.
“Bureau workers work arduous on behalf of Maine folks and Maine companies to make sure insurance coverage carriers and others within the trade are abiding by their contractual obligations,” Carey said. “We examine complaints, reply questions on insurance coverage merchandise and corporations, and help customers and companies with questions or considerations they could have about all forms of insurance coverage.”
Final yr, the Bureau’s Client Well being Care Division, which oversees well being, life, long-term care, annuities, and incapacity insurance coverage, acquired 2,658 inquiries and 333 written complaints. By means of CHCD’s efforts, over $2.4 million was recovered.
The Property and Casualty Division, which oversees auto, householders, and different forms of property and casualty insurance coverage, acquired 4,228 inquiries and 258 written complaints. The P&C division’s work resulted in $2.6 million in recoveries for Maine folks and companies.
Additionally, from January by means of November 2024, 325 Maine folks have been matched with life insurance coverage insurance policies totaling $7,413,680 in worth by means of the NAIC’s Life Insurance Policy Locator Service. For the reason that service started in 2017, a complete of $31.7 million has been matched to 1,510 Maine folks. People who consider they’re beneficiaries, executors, or authorized representatives of a deceased one who had a life insurance coverage coverage in Maine can submit a free search request by means of this service.
