AID Recovers $12.8 Million for Arkansans in 2018
Kerr touts team effort in protecting consumers, recovering their money
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement congratulating Arkansas Insurance Department staff for their work in protecting consumers by securing $12,836,501 in recoveries and restitution for them in 2018:
“The primary mission of the Arkansas Insurance Department is consumer protection, and I am proud to report that our staff accomplished that mission in 2018. I salute the work of our Consumer Services, Legal, and Criminal Investigation Divisions for their diligent work in securing millions in recoveries and restitution. I am also pleased with the success of our online Life Insurance Policy Locator service which reunited Arkansas families with lost benefits.”
The Consumer Services Division (CSD) recovered $8,860,187 for consumers in 2018—a $6 million increase over 2017.
Recoveries are dollar amounts recovered in excess of the amounts initially offered by insurance companies. CSD closed 2,528 cases in 2018 while receiving 2,395 consumer complaints. In 2018, Consumer Services had had a combined total of 17,817 Arkansas consumers who either called or walked-in to the Department to discuss insurance questions.
The Department’s Criminal Investigation and Legal Divisions, respectively, secured $77,585 and $35,087 in recoveries and restitution in 2018.
The Life Insurance Policy Locator is a free online service provided by the Arkansas Insurance Department and the National Association of Insurance Commissioners (NAIC). The tool helped 201 Arkansans to find $3,863,642 in lost life insurance benefits in 2018.
Arkansans can start their search by taking the “Life Insurance Policy Locator” link on the Arkansas Insurance Department homepage. Consumers with questions about any insurance product should contact AID’s Consumer Services Division at 800-852-5494.
For a printer-friendly version of this document, click here.