North Carolina Insurance Regulators Secure Millions in Refunds and Fines

In North Carolina, the Department of Insurance's Market Regulation Division (MRD) plays a critical role in safeguarding consumer interests by ensuring insurance companies adhere to state laws and regulations.

Over the last five years, the MRD's diligent work has led to nearly $24.7 million being refunded to consumers, which includes accumulated interest. Additionally, the department has levied over $1.8 million in regulatory fines, funds that are constitutionally directed towards the betterment of public schools.

The MRD conducts various types of examinations including general reviews every five years, targeted investigations based on consumer complaints, and compliance checks when companies are found in violation. These efforts underscore the department’s commitment to enforcing fair insurance practices and protecting policyholder interests against improper insurance company behaviors.