Consumers pocketed $8.5 million rightfully owed them by their insurance companies between July 2016 and June of this year thanks to investigations performed by the Colorado Division of Insurance’s consumer services team.
The division, which regulates the insurance industry in the state, has released its “Annual Report on Complaints Against Insurers.” It details investigations performed by the division during its most recent fiscal year, July 1, 2016, through June 30.
The division’s consumers services team opened 4,007 complaint investigations in that time and closed 3,912, according to the report. Both figures represent increases over the division’s 2015-2016 fiscal year when it closed 3,835 complaints and opened 3,686. Not all complaints are closed the same year they are opened.
The $8,517,970 recovered for consumers is $358,868 more the the previous year, the report says. The money comes in the form of additional claim payments, overturned benefit denials or refunds. The two coverage areas where investigators recovered