The New Hampshire Insurance Department published a news release announcing some notable achievements for fiscal year 2024. The Department believes these achievements will protect consumers and ensure a fair insurance market.
The Department's Consumer Services Unit was able to recover over $6.5 million for New Hampshire consumers, a record-setting amount, including over $3.4 million from P&C claims and over $2.8 million from life and health claims. They also assessed an over $2.7 million assessment rebate to insurance carriers.
The Department made progress in fraud prevention. They opened 24 new cases and submitted 15 of them for felony prosecution. The impact of these efforts totaled over $200,000. The Enforcement Unit investigated 313 cases of insurance fraud and assessed over $800,000 in fines.
The NHID's Licensing unit added 11,000 licenses during the year, and there are now 112,000 licensed adjusters and 131,000 producers. The Financial Regulation Division continues to monitor the solvency of 60 domestic insurers and over 1,200 licensed insurers operating in the state.
In this fiscal year, NAIC awarded New Hampshire a full five-year accreditation. NHID has filled vacancies within the Department which has improved customer service for insurers and consumers. These show in the metrics, as they have processed 1,113 consumer complaint investigations, addressed 3,269 assistance requests, and reviewed 108 external health review applications.
The news release can be found here.