OSI News:

SANTA FE — The New Mexico Office of Superintendent of Insurance (OSI), through its Consumer Services Division, has recovered more than $3.15 million for New Mexico consumers over the past 18 months.

“The Consumer Division is responsible for addressing inquiries and complaints from consumers about insurance rates and claim handling for all state-regulated insurance products including managed healthcare,” Superintendent Russell Toal said, “in the last the 18 months the Division handled almost 2,000 inquiries and complaints from New Mexicans.”

Complaints handled by the division included 78 regarding life insurance and long-term care that resulted in a total recovery of $509,092 for New Mexico consumers. There were 913 complaints handled by the Division’s Managed Healthcare Bureau, which recovered $625,005 for consumers. The additional 1,006 complaints handled by the division were for various other insurance products that resulted in a recovery of $2,016,504.

The OSI encourages New Mexicans who may have had difficulty locating a loved ones’ life insurance policy, or may not even know a policy existed, to go to https://eapps.naic.org/life-policy-locator/#/welcome. Consumers can also reach out to the OSI Consumer Division for assistance https://www.osi.state.nm.us/index.php/consumers/consumer-assistance/ or (505).827.4549 in locating a lost or previously unknown policy. Regrettably, each year New Mexicans lose millions of dollars in life insurance benefits because benefits go unclaimed by beneficiaries.