Businesses Also Saved $12.1 Million in Workers Comp Premiums 

DOVER, DE – Insurance Commissioner Karen Weldin Stewart and the Delaware Department of Insurance announced today that its Consumer Services Division recovered $2,959,783.45 for consumers during the first nine months of 2016. Delaware employers also saved $12,126,418.00 in workers compensation premiums during the same period through the Department’s Workplace Safety Program.

The Consumer Services Division received 3,482 formal insurance coverage complaints and inquiries regarding automobile, homeowners, life and health policies between January 1 and September 30, and directly recovered $2,361,693.88 from insurers for Delaware policyholders. The Division also conducted arbitration hearings on behalf of policyholders, which netted consumers $598,089.57 in awards during the same period.

“I want to thank the staff for their vigorous advocacy on behalf of consumers,” said Commissioner Stewart. “Every day they help consumers clear up problems with health insurance companies, agents and providers. And I’m glad the Workplace Safety Program continues to benefit employers and employees.”

The Workplace Safety Program incentivizes employers to establish and maintain safe workplaces. The program 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 agreeing to undergo periodic inspections. The $12,126,418.00 savings figure, from the Delaware Compensation Ratings Bureau, is approximate because businesses may pay their workers compensation insurance premium annually, quarterly, or by some other schedule.

For help with general insurance matters, call the Department at (302) 674-7300. Call (800) 282-8611 for Consumer Services. For more information on the Workplace Safety Program call (302) 674-7377.Go to our website at www.delawareinsurance.gov, and visit our Facebook page,  www.facebook.com/DelawareInsurance. Follow us on Twitter @Delaware_DOI.

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Commissioner Karen Weldin Stewart Announces New Search Service

Dover, DE – Do you believe your deceased loved one has a life insurance policy that you cannot find? The Delaware Department of Insurance can help you try to locate it.

Commissioner Karen Weldin Stewart today announced that the Department now provides Delaware residents and their families with a free search service that can help locate missing life insurance policies or annuity contracts left behind by loved ones who have passed away.

“I’m happy that the Department has set up this new service to help Delawareans locate lost insurance policies that were purchased in our state,’ said Commissioner Stewart. “Our search will enable eligible persons to contact every life and annuity insurer licensed in Delaware in order to look for a lost policy or contract. I’m always fighting for consumers and this new service should help many of them find the benefits to which they are entitled.”

The service works like this: An executor, beneficiary or legal representative of a deceased resident or former resident of Delaware may file a search request with the Department of Insurance. To submit a request, print out the Missing Life Insurance/Annuity Search Request Form on the DOI website at

http://www.delawareinsurance.gov/services/missingpolicy.shtml.

The form should be filled out, then signed before a Notary Public. Be sure to attach a copy of the decedent’s certified death certificate. Then place the documents in an envelope marked “Confidential” and mail it to the address printed on the form.

Please note that the Department of Insurance does not guarantee that every requested policy will be found. Upon receipt of the request form, the Department will send the search request and any attachments to all Delaware-licensed life insurance companies for review. An insurance company must process a policy and/or contract if they have information about a life insurance policy or annuity contract on the deceased person’s life. The insurance company will contact the requestor directly if money is to be paid to them.

Call the Consumers Division at 1-800-282-8611 if you need additional information.

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Dover, DE – National Retirement Planning Week runs from April 11 to 15, and Insurance Commissioner Karen Weldin Stewart joins with the National Retirement Planning Coalition to recommend that Delawareans of all ages take time to review their existing retirement strategy, or to formulate a plan if they don’t already have one. It’s important to have a plan for financial stability in retirement besides relying on Social Security alone. While there’s no right or wrong way to plan for retirement, taking no action could be a recipe for disaster.

The Government Accountability Office’s May 2015 report, Retirement Security: Most Households Approaching Retirement Have Low Savings, found that more than half of people age 55 and up don’t have any money saved for retirement. And about half of that group won’t be getting a pension, leaving them with little to no retirement income outside of Social Security benefits. The report states, “[C]ompared to current retirees, workers age 55 and older expect to retire later and a higher percentage plan to work during retirement. However, one survey found that about half of retirees said they retired earlier than planned due to health problems, changes at their workplace, or other factors, suggesting that many workers may be overestimating their future retirement income and savings.”

Commissioner Stewart says, “Planning for retirement can seem like a daunting task but the earlier you start saving, the easier it will be to actually reach your goals. National Retirement Planning Week serves as a great reminder for people to see if their retirement planning strategies are going to provide the best benefits for their future needs. After completing a self-analysis or working with a professional, consumers should redefine their goals and take action to make necessary changes. Consulting with your life insurance agent or broker should be part of this analysis.”

The National Retirement Planning Coalition is a group of prominent education, consumer advocacy and financial services organizations. The goal of the initiative is to demonstrate that it is possible to “Retire On Your Terms” if comprehensive retirement plans are properly developed and managed. To support these education efforts, the coalition has collected the latest resources to help consumers and financial professionals focus on long-term financial goals. These tools are available year-round at www.retireonyourterms.org, which features life-stage specific resources to help Americans focus on their long-term financial goals.

For more information on topics related to retirement planning, consumers are also encouraged to visit the Delaware Department of Insurance website, www.delawareinsurance.gov, and the National Association of Insurance Commissioners’ consumer website, www.InsureUonline.org.

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For more information:

Jerry Grant 302-674-7303