Last year, insurers in New York paid consumers $32 million and offered to reinstate 116,000 policies that had been improperly cancelled or non-renewed, according to the New York State Insurance Department’s .
Investigations by regulators with the department’s Consumer Services Bureau lead to the recoveries and reinstatements.
Other 2009 highlights contained in the report:
- There were 738 arrests for insurance fraud and related crimes and court-ordered restitution totaling $5.1 million
- There were 394 disciplinary actions against insurance agents or brokers leading to the surrender of 39 licenses, 53 license revocations and the collection of $1.2 million in fines
- A total of 117,497 licenses were issued by the Department to insurance adjusters, agents and brokers, as well as consultants, reinsurance intermediaries and service contract registrants
- Property/casualty insurers in New York wrote about $313 billion in premium
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Source: New York Insurance Department
Topics New York
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