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DISB Recovers $620,295 for District Residents Through Complaint Resolution

Thursday, December 3, 2015

In addition, DISB’s assistance in loan modifications will help District residents save more than a million dollars over life of mortgages.

The District of Columbia Department of Insurance, Securities and Banking (DISB) returned $620,295 to District residents through its complaint resolution program in fiscal year 2015.

“DISB works to ensure financial services companies are treating District residents fairly and in accordance with the law,” said Commissioner Stephen C. Taylor.  “It is a pleasure to announce that through complaint resolution we were able to rightfully put money back into the pockets of District residents.”

The majority of recoveries came from the insurance sector – $510,000 – where department staff intervened on the consumer’s behalf in claims and policy disputes. DISB also recovered $110,295 by intervening or restoring funds involving banking or financial services issues.

In addition, by assisting with mortgage loan modifications, DISB estimates its actions will save District residents approximately $1.2 million over the lives of their mortgages.

DISB resolved complaints in fiscal year 2015 on a range of issues: health insurance (46%); auto insurance (18%); banking issues (15%); homeowners insurance (10%); life insurance and annuities (8%); and others (3%).

DISB handles complaints on insurance, banking, securities and related financial services issues. Visit this link for more information on filing complaints and reporting financial fraud.