The commissioner serves as the head of the Kansas Department of insurance, which regulates and reviews companies for financial solvency and regulatory compliance, educates consumers and helps license agents selling insurance products in the state.
People ask , what department regulates the insurance business in kansas? The Kansas Insurance Department was established by the kansas Legislature in 1871. It has four major regulatory functions: Regulate and Review Companies: Sixty-five companies are headquartered in Kansas, plus 1,592 other companies sell policies in Kansas.
Also, why is a complaint index important? The Complaint Index Ratio Table shows consumer complaints filed with the Department of Insurance. The index is weighted by premiums received from the insurance company. The Complaint Index Ratio Table provides information including: Health Carriers.
, what is a complaint index? Complaint Index means an index derived by dividing the complaint share by the market share for a specific insurer by line of insurance.
, who is the insurance commissioner for the state of kansas? There have been twenty-six Commissioners to lead The Kansas insurance Department, including current Commissioner Vicki Schmidt.
- 1 How do I file a complaint against Kansas unemployment?
- 2 Is Kansas an NAIC state?
- 3 Why are dividends from a mutual insurer?
- 4 Why are dividends from a mutual insurer not subject to taxation?
- 5 What insurance companies have the most complaints?
- 6 How do you report problems with insurance companies?
- 7 What is a justified complaint ratio?
- 8 What is NAIC complaint ratio?
- 9 How do I contact the California insurance commissioner?
- 10 What type of life insurance is issued by mutual insurer?
How do I file a complaint against Kansas unemployment?
Instead, contact the Consumer Division: 800-432-2484 (in Kansas only); or 785-296-7829 (out-of-state callers).
Is Kansas an NAIC state?
Topeka, Kan. – Today, the Kansas Insurance Department announced Kansas has received accreditation from the National Association of Insurance Commissioners (NAIC) for the next five years.
Why are dividends from a mutual insurer?
Mutual insurers may distribute surplus profits to policyholders through dividends, or retain them in exchange for discounts on future premiums. Stock insurers can distribute surplus profits to shareholders in the form of dividends, use the money to pay off debt, or invest it back into the company.
Why are dividends from a mutual insurer not subject to taxation?
Why are dividends from a mutual insurer not subject to taxation? Dividends are considered to be a return of premium. … Not pay dividends.
What insurance companies have the most complaints?
Geico customers were most likely to complain about claims (53.6%), while Chubb customers were the least (38.6%). Nationwide had the most favorable Complaint Index rating for auto insurance, while Chubb did best for home insurance.
How do you report problems with insurance companies?
The CDI toll-free hotline number is: 1-800-927-HELP (4357). Be aware that when you file a formal complaint the CDI contacts your insurance company, tells them about your complaint, and gets their side of the story.
What is a justified complaint ratio?
A justified complaint ratio is based on the number of justified complaints per 100,000 policies or exposures. Line of Coverage. The line of coverage is the line of business where the complaint was recorded. Not necessarily the lines of business an insurer currently writes or is licensed to write.
What is NAIC complaint ratio?
The “median complaint ratio” from the NAIC is always 1.00, meaning half of insurers have a ratio above 1.00 and half have a ratio below. Numbers lower than 1.00 are better. Higher numbers mean more complaints than the median.
How do I contact the California insurance commissioner?
Ensuring a fair insurance market Consumers who feel they have been treated unfairly by an insurance company, agent or any licensee, are urged to contact the Department’s toll-free Consumer Hotline at (800) 927-4357 or visit our web site: insurance.ca.gov.
What type of life insurance is issued by mutual insurer?
participating life insurance policy <- A mutual insurer issues life insurance policies that provide a return of divisible surplus.