Online Auto Insurance: Delaware Recoveries Underscore Importance of Regulators

Delaware's insurance commissioner recovered more than $1.8 million in the first nine months of 2011.

2011-11-03

RANCHO CUCAMONGA, CA, November 03, 2011 (Press-News.org) The Delaware Insurance Department's recent announcement that it has recovered nearly $2 million this year for auto, homeowner and other policyholders in that state exemplifies the work regulators carry out on behalf of consumers nationwide, according to Online Auto Insurance (OAI).

For the average person, filing a claim on a low cost car insurance policy and then trying to work out a settlement with a large insurer can be a daunting task. But regulatory agencies in every state can help residents settle claims that might otherwise never be paid.

A vehicle policy is a legal contract between a customer and his or her coverage provider, and each state has its own laws protecting its residents from unfair treatment by those providers.

Regulators in Delaware and other states are there to help negotiate claim disputes, make sure that companies are engaged in proper business practices and impose penalties on those who violate state law, among other actions.

The more than $1.8 million recovered by Delaware regulators through the first nine months of 2011 puts the state ahead of 2010, when officials recouped more than $2 million for the entire year.

But state regulators do more than just help resolve disputes between carriers and their customers. They also have the legal authority to fine coverage providers for violations of state law, as Delaware Insurance Commissioner Karen Weldin Stewart did earlier this year.

In separate actions, Stewart assessed fines of $25,000 each against two insurers for violations including failing to provide discounts as outlined under state law and illegally imposing surcharges on some customers.

Weldin and other officials who oversee insurers are also tasked with ensuring that companies doing business in their states remain financially solvent and are authorized under state law to take action against insurers, with steps including suspension of a company's business activities and even liquidation of assets.

Source: http://delcode.delaware.gov/title18/c059/sc02/index.shtml

To learn more about this and other coverage issues, readers can go to http://www.onlineautoinsurance.com/low-cost/ where they will find informative resource pages and a helpful rate-comparison generator that can quickly evaluate their coverage options.

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Online Auto Insurance: Delaware Recoveries Underscore Importance of Regulators

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