State insurance department recovers millions for consumers
The Mississippi Insurance Department (MID) Consumer Services Division recovered more than $3.8 million for consumers in 2021. The Division handled a total of 10,867 questions from consumers last year.
That Division, in partnership with the National Association of Insurance Commissioners (NAIC), also helped recover more than $27.9 million in 2021 in lost life insurance policies for 781 consumers.
Each year, millions of dollars in life insurance benefits go unclaimed by beneficiaries who can’t find their loved ones’ policies or in some cases may not even know the policies exist. Without the life insurance locator and the work of the MID Consumer Division, unclaimed life insurance benefits would ultimately go to the State of Mississippi.
Additionally, the MID Investigations Division received more than 600 complaints last year and recovered more than $486,000 for consumers. The division issued one cease and desist order and revoked 15 licenses.
In total, the MID recovered more than $32.2 million for Mississippians in 2021.