Maine Insurance bureau recovers $3.5 million from insurers

Mar 29, 2011

The Maine Insurance Bureau has recovered millions from insurance companies for state residents and businesses.

Pine Tree State residents were treated to a nice surprise, as Maine's Bureau of Insurance announced it recovered almost $3.5 million from insurance companies last year for state residents and businesses, reported the Associated Press.

Insurance Superintendent Mila Kofman said the bureau recovered about $2 million in health and life insurance claims that were improperly denied, in addition to $1.5 million in denied auto, homeowners and renters insurance claims. The news agency said the bureau collected another $1.2 million in fines from insurers, agents and brokers that were found to be in violation of Maine insurance laws.

A majority of the funds came from a case against American Trade Association, reported the AP, which was ordered to pay premium refunds, medical bills and almost $1.2 million in civil penalties.

The bureau received almost 1,000 formal complaints from consumers last year, according to the source.

The Maine Bureau of Insurance issued an emergency order against American Trade Association last year after the company committed illegal infractions, including failure to pay medical claims, reported the Insurance and Financial Advisor.
 

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