Mediation results in $2.2 Million Returned to Insurance Customers
Customers of some insurance companies in Tennessee have been repaid more than $2.2 million during the first half of 2020. This comes as a result of mediation efforts conducted by the Tennessee Department of Commerce and Insurance (TDCI) and was a result of denied claims being overturned.
Mediation includes TDCI investigating the claims made by policyholders and determining if they were wrongfully denied. If so, the decision is made to overturn the claims. Throughout 2019, nearly $4.2 million was returned to policyholders and this year’s program is on track to accomplish at least as much.
According to Hogden Mainda, TDCI Commissioner, “From the devastating storms of March and April to the COVID-19 pandemic, Tennessee consumers have faced personal and financial challenges like never before this year.” Mainda encouraged insurance consumers in the state to contact the department if they have questions about their policies or the denial of their claims, or they have a complaint about their insurance providers.
The investigations and money returned to policyholders are part of the work done by TDCI’s Insurance Division staff members.
One of the goals is to guarantee that the insurance industry in Tennessee remains on track and continues to grow, but that it also treats policyholders fairly. Other signs of growth that occurred in the state’s insurance industry include:
- The state saw 3,000 new insurance agents licensed so far in 2020. This means there are 228,422 in total in the state.
- Tennessee has also seen a total of 26 insurance companies licensed since late 2019. This brings the total number of licensed insurance providers in the state to nearly 2000.