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Commissioner Karen Weldin Stewart Announces an Increase of Nearly 50 Percent in Money Recovered for Delaware Consumers for First Half of 2014, Compared to 2013

Insurance Commissioner | News | Date Posted: Thursday, July 24, 2014


Picture of the Seal of the Delaware State Insurance Commissioner

Dover, DE–Insurance Commissioner Karen Weldin Stewart and the Delaware Department of Insurance report that $1,407,464.40 has been recovered for consumers in the first six months of 2014. This number represents an increase of 49.57 percent in funds recovered for Delaware consumers compared to the same period last year. The Consumer Services Division has recovered $604,255.87 for Delaware policyholders and handled 2,700 formal complaints and inquiries. Of those 2700 cases that were opened, 2534 were closed by June 30, 2014. The breakdown of funds recovered during this period is:

• Consumer Services – $604,255.87
• Market Conduct Examinations and Investigations – $425,000.00
• Arbitration Hearings – $378,208.53

The department’s Market Conduct Division has returned $425,000 back to consumers as a result of exams and investigations in the first half of this year. Arbitration actions also resulted in $378,208 recovered for Delaware consumers as a result of hearings requested by, or on the behalf of, the consumer and facilitated by the Department of Insurance.

During the first six months of 2014, the Delaware Department of Insurance was also successful in saving money for Delaware businesses through the Workplace Safety Program. The Workplace Safety Program is a Department of Insurance incentive program designed to help employers with exposure in Delaware to establish and maintain safe workplaces. The program also provides businesses with the opportunity to earn discounts of up to 19 percent on their workers’ compensation insurance premiums by meeting certain safety requirements and undergoing inspections.

This year there are 1458 businesses enrolled in the Workplace Safety Program. The projected savings to date for calendar year 2014, according to the Delaware Compensation Ratings Bureau, is $4,702,896.00 on those businesses’ workers’ compensation insurance premiums. We continue to work daily with employers and insurance agents to communicate the benefits of participation to those who are eligible for the first time and to retain previous participants. For more information on the workplace safety program please contact our office at (302) 674-7377.

Commissioner Stewart stated, “These numbers show that the Department of Insurance is fulfilling its mission of ‘Protecting Delawareans’—1.4 million dollars in the first half of 2014 is certainly no small sum of money. This number represents an increase in recoveries for Delaware policyholders of about fifty percent compared to the first half of 2013. I would especially like to applaud the staff here at the Department of Insurance who work with the public to help them understand their rights, responsibilities and options as consumers. We are always working to increase the knowledge of our services to the public so that they know where to turn for free and unbiased assistance with their insurance questions.”

For help with all insurance matters, call our office at (302) 674-7300 or (800) 282-8611 for Consumer Services. Visit our website, www.delawareinsurance.gov, and “Like” the Department on Facebook at: www.facebook.com/DelawareInsurance. Follow us on Twitter @Delaware_DOI.

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Delaware Department of Insurance: “Protecting Delawareans through regulation and education while providing oversight of the insurance industry to best serve the public.”

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Commissioner Karen Weldin Stewart Announces an Increase of Nearly 50 Percent in Money Recovered for Delaware Consumers for First Half of 2014, Compared to 2013

Insurance Commissioner | News | Date Posted: Thursday, July 24, 2014


Picture of the Seal of the Delaware State Insurance Commissioner

Dover, DE–Insurance Commissioner Karen Weldin Stewart and the Delaware Department of Insurance report that $1,407,464.40 has been recovered for consumers in the first six months of 2014. This number represents an increase of 49.57 percent in funds recovered for Delaware consumers compared to the same period last year. The Consumer Services Division has recovered $604,255.87 for Delaware policyholders and handled 2,700 formal complaints and inquiries. Of those 2700 cases that were opened, 2534 were closed by June 30, 2014. The breakdown of funds recovered during this period is:

• Consumer Services – $604,255.87
• Market Conduct Examinations and Investigations – $425,000.00
• Arbitration Hearings – $378,208.53

The department’s Market Conduct Division has returned $425,000 back to consumers as a result of exams and investigations in the first half of this year. Arbitration actions also resulted in $378,208 recovered for Delaware consumers as a result of hearings requested by, or on the behalf of, the consumer and facilitated by the Department of Insurance.

During the first six months of 2014, the Delaware Department of Insurance was also successful in saving money for Delaware businesses through the Workplace Safety Program. The Workplace Safety Program is a Department of Insurance incentive program designed to help employers with exposure in Delaware to establish and maintain safe workplaces. The program also provides businesses with the opportunity to earn discounts of up to 19 percent on their workers’ compensation insurance premiums by meeting certain safety requirements and undergoing inspections.

This year there are 1458 businesses enrolled in the Workplace Safety Program. The projected savings to date for calendar year 2014, according to the Delaware Compensation Ratings Bureau, is $4,702,896.00 on those businesses’ workers’ compensation insurance premiums. We continue to work daily with employers and insurance agents to communicate the benefits of participation to those who are eligible for the first time and to retain previous participants. For more information on the workplace safety program please contact our office at (302) 674-7377.

Commissioner Stewart stated, “These numbers show that the Department of Insurance is fulfilling its mission of ‘Protecting Delawareans’—1.4 million dollars in the first half of 2014 is certainly no small sum of money. This number represents an increase in recoveries for Delaware policyholders of about fifty percent compared to the first half of 2013. I would especially like to applaud the staff here at the Department of Insurance who work with the public to help them understand their rights, responsibilities and options as consumers. We are always working to increase the knowledge of our services to the public so that they know where to turn for free and unbiased assistance with their insurance questions.”

For help with all insurance matters, call our office at (302) 674-7300 or (800) 282-8611 for Consumer Services. Visit our website, www.delawareinsurance.gov, and “Like” the Department on Facebook at: www.facebook.com/DelawareInsurance. Follow us on Twitter @Delaware_DOI.

###

Delaware Department of Insurance: “Protecting Delawareans through regulation and education while providing oversight of the insurance industry to best serve the public.”

image_printPrint

Related Topics:  , , , , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.