TDCI Announces New Record of $13.08 Million Returned to Tennesseans So Far in 2023
NASHVILLE – The Tennessee Department of Commerce & Insurance (“TDCI”) proudly announces a record-breaking amount of $13.08 million has been returned to Tennesseans so far in 2023 through TDCI’s Consumer Insurance Services mediation and restitution efforts.
With less than three months remaining in 2023, this amount represents the largest amount of money ever repaid to consumers in the Department’s history. The previous highest total occurred in 2022 when over $11.49 million was returned during that calendar year.
“I want to express my pride in the work of TDCI’s Consumer Insurance Services team on behalf of Tennessee consumers this year,” said TDCI Assistant Commissioner Bill Huddleston. “Insurance-related issues can sometimes leave hard-working consumers feeling confused and frustrated. The Consumer Insurance Services team, which is led by Vickie Trice, is ready to assist insurance consumers and attempt to get them answers and put money back into their pockets. 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.”
As part of the mediation and restitution process, TDCI’s Consumer Insurance Services team has mediated 3,037 complaints so far in 2023 between consumers and insurance companies. These efforts resulted in previously denied claims being overturned and additional benefits identified and paid to consumers.
The top three complaint areas involve claim denials, claim delays, and unsatisfactory settlements.
In Tennessee, TDCI regulates all lines of insurance and encourages consumers to contact the Consumer Insurance Services team with any insurance-related question or concern.
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 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.