New York State

Insurance

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Contact:
Public Affairs
(212) 480-5262
www.ins.state.ny.us

James J. Wrynn    Superintendent of Insurance    25 Beaver Street  New York, N.Y. 10004

ISSUED 5/17/2010FOR IMMEDIATE RELEASE

$32 MILLION IN CONSUMER RECOVERIES HIGHLIGHTED IN REPORT

Insurance companies paid New York consumers $32 million and offered to reinstate 116,000 policies that had been improperly cancelled or non-renewed, according to the New York State Insurance Department.

That information is among the highlights in the Insurance Department’s Annual Report for 2009, released today by Superintendent James Wrynn.

The report notes that the consumer recoveries and offers of policy reinstatements occurred as the result of investigations conducted by the Department’s Consumer Services Bureau after it looked into cases for consumers who complained that insurers had treated them unfairly.

Other highlights of the report:

The report shows that insurance is big business in New York State. Life insurance companies hold approximately $2.3 trillion in assets, property/casualty insurers write about $313 billion in premiums and accident and health insurers write about $14.3 billion in premiums.

The report can be found at the following location on the Insurance Dept’s website, www.ins.state.ny.us/acrobat/annrpt09.pdf.

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