The National Association of Insurance Commissioners (NAIC) will begin regularly monitoring and summarizing consumers' top complaints against insurance companies, beginning in April. The reports will be updated on a monthly basis on the NAIC's consumer information source (CIS).
Launched in 2001, CIS provides basic company-specific information as reported to the NAIC -- including amount of premiums written, assets, liabilities and licensing information -- for insurance companies who file annual statements with the NAIC. The site also allows consumers to file complaints and review statistical information on previously resolved complaints against a company.
The new CIS reports aggregate the system's complaint data, providing information about complaints by reason and type of insurance, as well as by how the complaints were resolved. In the last three years, complaints involving claim-handling procedures headlined the list's top complaints. The NAIC said that delays, denial of claims, unsatisfactory settlement offers, and other types of complaints were the main reasons mentioned in the majority of complaints.
More information is available at www.naic.org/cis/index.do.
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