The Tennessee Department of Commerce & Insurance said this week that more than $31.4 million was located and returned to Tennesseans in combined life insurance benefits and annuities and monies returned through the department’s mediation efforts in 2019.
This, according to a press release the TDCI put out this week.
Exactly $27,173,340 was located in 2019 for Tennessee residents through the National Association of Insurance Commissioners’ national life insurance locator.
Available since November 2016, the Life Insurance Policy Locator Service is a free tool that enables beneficiaries, executors, or legal representatives of a deceased person to track down the life insurance policies or annuity contracts of their late family members or friends, the press release said.
Exactly $4,270,091 was returned to Tennessee consumers last year as a result of TDCI’s mediation efforts – a process where TDCI insurance investigators intercede between insurance companies and policyholders to get wrongfully denied claims overturned and paid for policyholders, according to the press release.
Those figures reflect only part of the work undertaken on behalf of consumers by TDCI’s Insurance Division staff in 2019 to regulate Tennessee’s growing insurance market. Estimates from the NAIC show $44.8 billion premium volume was written by Tennessee insurance companies in 2019, making Tennessee No. 16 in the nation for premium volume, the press release said.
“The insurance sector is an important and vital part of Tennessee’s economy, and I commend our team for their work balancing responsible oversight of the insurance industry with assisting stakeholders,” the press release quoted TDCI Commissioner Hodgen Mainda as saying.
“When Tennesseans feel overwhelmed when it comes to questions about insurance policies and coverage, I urge them to remember that we are tireless advocates on behalf of consumers when it comes to answering questions and providing assistance.”
TDCI Assistant Commissioner Rachel Jrade-Rice said in the press release that Tennessee policyholders should remember that filing a complaint or otherwise contacting the department is always an option if they are ever denied a claim or even if they have a question or concern about their insurance policies.
– – –