Insurance bureau recovers $3.5M
The state's Bureau of Insurance recovered nearly $3.5 million in 2010 for Maine individuals and businesses, Superintendent Mila Kofman announced.
More than $1.5 million was recovered for consumers by the bureau's Property and Casualty Division, and nearly $2 million was recovered for consumers by the Consumer Health Care Division. In addition, violations of Maine law resulted in more than $1.2 million in fines, which are paid to the state's general fund. The recovered money is a result of investigating consumers' complaints that insurance companies did not adequately pay claims. "If a promise is made by a company that they will pay a claim, then they should keep that promise," Kofman said in a press release.
The two divisions handled more than 9,000 inquiries and nearly 1,000 formal complaints in 2010.
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