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New York Insurance Department recovers more than $8 millionPosted On Mon, November 30, 2009
A recent report indicates that the New York State Insurance Department recovered more than $8 million from insurance companies as the result of consumer complaints in the third quarter.
The collections stemmed from the 2,030 complaints filed with the department from July 1 to September 30. For the year, the department has collected more than $24 million from insurers, and involved all type of policies, including property and health insurance.
James Wrynn, insurance superintendent for the state, noted that one of the department's primary functions is to make sure consumers are protected when they buy insurance policies.
"These are difficult economic times for virtually everyone and New Yorkers need to know they can get help when they run into problems with their insurance companies," Wrynn said.
When dealing with insurance claims, consumers should make sure they have a proper understanding of their policy. The Insurance Information Institute notes that if consumers have questions, they should contact their insurance representative. That, or they can try and get help from their state's insurance department, attorney general or consumer affairs bureau.
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