Insurance Commish Mike Chaney issued the following statement.
The Mississippi Insurance Department (MID) Consumer Services Division recovered more than $7.3 million for consumers in 2022 – a nearly 90 percent increase over money recovered in 2021.
“My staff recovered over $3 million more in 2022 than in 2021,” said Insurance Commissioner Mike Chaney. “Every penny counts. I want to make sure that Mississippians are well taken care of. They should get what they paid premiums for and what they deserve.”
Consumer Services helps consumers with complaints regarding insurance companies, producers, and adjusters. In many of these cases, benefits were not paid in full or not paid at all. The division handled nearly 1,200 complaints in 2022.
“The increase can be attributed in part to more complaints and inflation,” said Chaney. “We also recovered several lost life insurance policies valued at more than $100,000 each. Inflation may have caused some of the cost to balloon – especially when you consider areas like homeowners insurance, auto and fire recovery.”
12 comments:
Hello Kingfish. I wonder how many of our 350,000 uninsured motorists benefitted from Cheney's hard work. There are still zero teeth in the law requiring auto liability insurance.
Taking someone’s life insurance policy proceeds? That doesn’t sound right. 10 years ago that is. Now anything goes
I have had 2 fender bender accidents in the past 3 years in the city of Ridgeland. Fortunately, neither was my fault. Unfortunately, neither driver had liability insurance. Ridgeland police investigated both accidents. Neither driver received a ticket for not having insurance.
Close the loophole all of the crooked "home warranty" companies use to avoid regulation and watch that number triple.
Recovered ???
Probably wasn’t owed.
Government extortion of taxpaying insurance business
5:52. I believe that statement meant they found the rightful beneficiaries for those policies..
6:47. Agree completely. It's not just Ridgeland but everywhere in the state. A No Insurance ticket leads to Suspension until proof of Insurance is shown. There are also many tickets for No DL and Driving Suspended and then the driver is allowed to drive off in violation of 63-1-63 and usually numerous times. It's all a joke unless we start impounding vehicles and not releasing them until proof of insurance and obtaining a legal DL is shown and arresting drivers with no Suspended/DL.
https://law.justia.com/codes/mississippi/2013/title-63/chapter-1/article-1/section-63-1-63
Mississippi's lax uninsured motorist laws and enforcement is one of the reasons that our auto insurance is so expensive. If we would have filings and mandatory insurance on file with the state, like in other states, to have current insurance to keep your drivers license and tag current, our rates would go down. But, we run the risk of offending the perpetually offended who typically try and game the system. Uninsured and underinsured accidents make up a large portion of the auto losses in this state.
https://law.justia.com/codes/mississippi/2013/title-63/chapter-15/section-63-15-43
Never have understood how a MS License tag and renewal of a tag can be done without a valid drivers license. Many illegal alien drivers have vehicles with good tags and insurance, but no license. Most cops I know don't want to appear racist by ticketing them.
Here's the other side of the UM coin: Frankly, insurance is a financial product, designed to protect assets. It's really not a product for poor people. It will be very politically unpopular to impound poor peoples' autos and charge them a ransom. Uninsured Motorists Protection is still pretty cheap, and I say, buy all you can. Usually, those limits are equal to the Liability limits. If your policy doesn't have UM limits equal to your liability limits, you are providing more coverage for others, than for your own family. Prove me wrong!
7.3 m
was this amount returned or put in the petty cash fund ?
9:30 PM doesn't get it. The Department operates using its legal powers. It does not have the power to demand claim payments that are not owed. So your ignorance is made apparent by your potty attitude.
Also if a life insurance policy claim was paid more than one day after the death of the insured person, which is ALWAYS the case because death certificates are not created instantly, the life insurance company is required by law to pay interest from the date of death.
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