Focused on Consumers, Companies, and Professionals
Tennessee consumers have been repaid over $2.2 million so far in 2020 through the Tennessee Department of Commerce & Insurance’s (TDCI) mediation efforts that resulted in denied claims being overturned for policyholders.
Mediation is a process where TDCI insurance investigators intercede between insurance companies and policyholders to get wrongfully denied claims overturned and paid for policyholders. For the sake of comparison, $4.2 million was returned by TDCI to Tennesseans in all of 2019.
“From the devastating storms of March and April to the COVID-19 pandemic, Tennessee consumers have faced personal and financial challenges like never before this year,” said TDCI Commissioner Hodgen Mainda. “I am immensely proud of my team’s work through the first six months of 2020 to intercede between insurance companies and policyholders in order to help consumers have money rightfully returned to them during this tumultuous period. I urge all Tennessee insurance consumers who have a complaint or a question regarding their insurance policy to contact us today.”
Tennessee insurance consumers who were unfairly denied a claim or who have questions about their policies should contact TDCI Consumer Insurance Services team at (615) 741-2218 or 800-342-4029 or visit us online at tn.gov/commerce. The monies returned to Tennessee consumers through mediation reflect only part of the work undertaken on behalf of consumers by TDCI’s Insurance Division staff.
Other areas of Tennessee’s insurance industry continued to thrive despite 2020’s uncertainty:
- 3,000 new insurance agents were licensed in 2020 bringing Tennessee’s total number of insurance agents to 228,422.
- 26 insurance companies were licensed in Tennessee since late 2019 bringing the total to 1,891 licensed insurance companies.
- Tennessee has licensed 203 captive insurance companies and 471 approved cell companies in Tennessee for a total of 674 risk-bearing entities (RBEs) compared to 652 at the end of 2019.
“Despite the economic turmoil of 2020, our team has remained steadfastly focused on serving, assisting, and regulating the companies and professionals composing Tennessee’s insurance sector,” said TDCI Assistant Commissioner Rachel Jrade-Rice. “Through the halfway point of 2020, this is proof that our team is dedicated to serving consumers and responsibly regulating insurance companies.”
Additionally, consumers should also always remember a few essential tips for working with their insurance companies:
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