Department of Professional & Financial Regulation: Bureau of Insurance

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FOR IMMEDIATE RELEASE???????????????????????????? ??????????????????????????????????????????????????????????????????????????????????????????????? ??? ???May 6, 2024

Contact:? Karma Lombard, Outreach Specialist

Office:?(207) 624-8540; Cell: (207) 592-6727

TTY:? Please Call Maine Relay 711

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Bureau of Insurance Recovers $4.5 Million on Behalf of 169 Mainers in 2023?

"441 Lost Life Insurance Policies Matched to Mainers Through National Database "

AUGUSTA ??Insurance Superintendent Robert Carey announced today that more than $4.5 million was recovered for Maine consumers through investigations conducted by the Bureau of Insurance in 2023.

?A key role of the Bureau is to make sure Maine people and businesses are fairly, appropriately and accurately compensated for losses by the insurers that are licensed to operate in our state. Through the Bureau?s efforts, since 2019 more than $11 million has been recovered,? Carey noted.

Cases investigated each year by the Bureau include improper billing, delayed claims processing, denial of payment for covered medical treatments, and illegal insurance sales practices. In one case last year, the Bureau?s intervention on a disputed medical insurance claim resulted in a $353,000 recovery, and in another the Bureau recovered $45,000 for a Maine homeowner when the insurer inappropriately cited a business exclusion.

?We are here to help Mainers, and I encourage people to contact the Bureau if they have any questions or concerns about their insurance,? Carey commented.

Additionally, life insurance policies valued at more than $39.9 million were matched to Mainers through the Life Insurance Policy Locator, managed by the National Association of Insurance Commissioners (NAIC), of which Maine is a member.

*2023 Bureau of Insurance Complaint Investigations and Recoveries *

_The Consumer Health Care Division_, which handles health, life, long-term care, Medicare supplement, annuities and disability insurance, received 2,425 inquiries from consumers and 248 written complaints. Investigations resulted in over $2.4 million in recoveries for Maine people.

_The Property and Casualty Division_, which oversees auto, homeowners and other types of property and liability insurance, handled 3,485 inquiries and 254 written complaints. These investigations resulted in more than $2.1 million in recoveries. ?

*Lost Life Insurance Benefit Matches *

$39,942,102 in life insurance policies were matched to 441 Mainers in 2023, through NAIC's Life Insurance Policy Locator. This brings the total to $59.4 million matched to 541 Mainers since the service began in 2017.? The Locator can be found under the "Consumer" tab at www.naic.org [ [link removed] ].? Individuals who believe they are beneficiaries, executors or legal representatives of a deceased person may submit a search request free of charge.?

"Consumers with questions about insurance matters can obtain information and assistance from the Maine Bureau of Insurance by visiting ""www.maine.gov/insurance" [ [link removed] ]", calling 800-300-5000 (TTY call Maine Relay 711), or e-mailing ""[email protected]" <[email protected]>".? See more about ""how the Bureau can help" [ [link removed] ]"."""

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