Department of Insurance recovers nearly $3M for consumers through September
DOVER — Insurance Commissioner Karen Weldin Stewart and the Delaware Department of Insurance announced 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 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.