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For the first time, home owners are now able to access information regarding complaints against insurance carriers in their respective states.
On the new Consumer Information Source website launched recently by the National Association of Insurance Commissioners, owners can locate basic information about a specific insurance company, including the amount of premiums written, assets, liabilities and licensing information.
The consumer site also allows consumers to file complaints and review information regarding previously resolved complaints against a company in any of the 50 states.
Data is listed not only by state but also by the type of coverage, including auto, life and hazard, also know as home owner's and fire insurance. And it is presented in an easy-to-understand format, with a visual gauge much like that of a car's gas gauge showing home one insurer measures up to all others.
Information on the site is submitted by the various state insurance departments.
J. Robert Hunter, director of insurance at the Consumer Federation of America, praised the effort to make information available in a consumer-friendly fashion. "The NAIC obviously took great care to ensure that consumers could understand and feel comfortable searching for information on its website," he said.
CFA has been urging state governments to make consumer information available via numerous mediums. But now that nearly two-thirds of all adult Americans say they have access to the Internet, it believes government web sites such as NAIC's are the most important methods for disseminating information people can use to make informed decisions.
But in this case, Hunter is particularly pleased that the site gives consumers the ability to pursue their grievances about insurance companies and agents through a single web page, thereby making it easier for them to file complaints.
Headquartered in Kansas City, NAIC is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District and four U.S. territories. The association's stated objective is to protect consumers and help maintain the financial stability of the insurance industry.
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