Connecticut Department of Insurance Commissioner Thomas Leonardi announced today that the Connecticut Insurance Department recovered $2.4 million for policyholders and state taxpayers in the second quarter of 2012.
More than half of that is in fines: The state's market conduct division levied more than $1.5 million in fines against carriers and returned that money to the state general fund. The fines resulted from a variety of violations and settlements ranging from untimely claim payments to improper licensing.
The Department's consumer affairs unit (CAU) fielded about 1,600 complaints and inquiries and helped policyholders recoup $906,000 from April 1 through June 30.
A review of recent reports on the state insurer examination webpage shows five more market conduct exams resulting in fines this month alone, mostly against life and health companies. One was Metropolitan Life Insurance Co., as part of the multi-state settlement involving the use of the Social Security death master file.
The most recent, closed this week against Health Net, resulted in a $25,000 fine against the insurer after Leonardi found that the company had not fully safeguarded "the personal information of certain members from potential misuses."
