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Record-breaking $17.45M Returned To Tennesseans Through TDCI’s Mediation Efforts

Record-breaking $17.45M Returned To Tennesseans Through TDCI’s Mediation Efforts

The Tennessee Department of Commerce & Insurance (“TDCI”) proudly announces the return of over $17.45 million to Tennesseans through mediation and restitution efforts in 2023.

This is the largest amount of money ever repaid to consumers in a single year in the Department’s history.

As part of the mediation and restitution process, TDCI’s Consumer Insurance Services team mediated 3,771 complaints between consumers and insurance companies. Through this work, previously denied claims were overturned and additional benefits were identified and paid.

“TDCI’s Consumer Insurance Services team has worked tirelessly on behalf of Tennessee consumers in 2023, and I congratulate them for their record-breaking work,” said TDCI Assistant Commissioner Bill Huddleston. “Dealing with insurance-related issues can be overwhelming and frustrating, and our dedicated Consumer Insurance Services team is always ready to assist consumers with their questions and complaints. Filing a complaint is always an option for consumers who feel as if an insurance claim has been unjustly denied, or if they have questions or concerns about their insurance policies.”

TDCI regulates all lines of insurance and encourages consumers to contact the Consumer Insurance Services team with any insurance-related question or concern. Among consumers’ top complaints are claim denials, claim delays, unsatisfactory settlement offers, and out-of-network benefits.

Consumers should review these tips when working with their insurance company:

  • Verify that an insurance company and an agent are licensed in Tennessee.
  • Read the policy documents so you understand its provisions before filing a claim.
  • Retain pictures and/or receipts for all contents on your property. Digital tools such as the NAIC Home Inventory App can assist when it comes to filing claims after a fire loss.
  • Know your coverage limits for your auto policies, and what is required by state law.
  • Visit a healthcare provider that is in-network with your insurance carrier.
  • Purchase a new life insurance policy with the assistance of a licensed agent to help make the choices that are best suited for your personal needs. Life insurance policies often require personalization as well as require certain health factors to determine your eligibility for coverage.
  • If you have questions about consumer insurance, visit our website or contact us at 1-800-342-4029 or (615) 741-2218.

Read the complete article here.

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