February 09, 2021

(LANSING, Mich., Economic & Insurance News by Insurance Market 360) – Department of Insurance and Financial services, DIFS, Michigan facilitated customers to receive $16.2 Million in the fiscal year with reference to various complaints raised by the citizens of Michigan.

Out of the total settlement of $16.2M, $9 Million was retrieved from unsettled claims, fee waivers and refunds from service providers in insurance and financial services; remaining $7.2 Million was recovered from unclaimed life insurance and pension concerns.

DIFS, aim, is to safeguard the rights of consumers’ in addition to monitoring the economic growth and sustainability in insurance and financial line. In this regard, department, suggests the public to settle their issues on their own to the possible extent. They can approach the department for any complications and unsettled issues. Officials based on the intensity of the complaint and evidences, can penalize and cancel the licence of the insurance and financial companies.

DIFS has been providing awareness on consumer rights in addition to free services under the title LIAS to address need based support of their privileges and compliances. Insurance and Financial service purchasers can get in touch with the appellate authority on toll free number, 877-999-6442, from Monday to Friday, 8am to 5 pm or drop an email to LIAS@michigan.gov or visit the portal Michigan.gov/DIFScomplaints.

Further details and information can also be obtained from the national association of consumers, eapps.naic.org/life-policy-locator.

Source: Department of Insurance and Financial Services, Michigan

Reference: https://www.uppermichiganssource.com/2020/12/17/michigan-department-of-insurance-and-financial-services-helps-consumers-recover-more-than-162m-in-2020-fiscal-year/