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Colorado consumers recover $7 million in benefits, savings

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The Colorado Division of Insurance reported it recovered $7 million on behalf of consumers for the first six months of 2008. Over $4 million in refunds and restored benefits was collected from insurers, and $2.2 million was saved after the Division denied rate increases. Six insurers were required to perform self-audits, which revealed consumers were overcharged or denied benefits worth $99,000. Of the nearly 2,000 written complaints collected, more than 600 were related to life insurance, annuities and health products.

“Our staff has been diligent and aggressive about protecting consumer rights,” said Marcy Morrison, Colorado’s Commissioner of Insurance. “We encourage consumers to let us know when there is a problem they can’t resolve with their insurance company. We’ll review all the documents and help guide consumers through tough insurance questions.”