NC Department of Insurance Market Regulation Division Returns $24.7M to Consumers

The North Carolina Department of Insurance's Market Regulation Division (MRD) plays a crucial role in ensuring insurance companies comply with state regulations, providing timely claim payments and charging correct premiums. MRD employees conduct routine examinations of various insurance providers, including property and casualty insurers, health and life insurance companies, HMOs, PPOs, and premium finance companies. These examinations include general reviews every five years, targeted investigations prompted by consumer complaints, and compliance checks to ensure resolution of identified violations.

From 2020 to 2024, MRD's efforts resulted in nearly $24.7 million in consumer refunds and over $1.8 million in regulatory fines, which are allocated to North Carolina public schools. The division's work, often behind the scenes, significantly benefits insurance policyholders throughout the state by promoting fair practices in the insurance market.

In addition to MRD, the Department of Insurance encompasses various programs focused on consumer protection and education. These include the Consumer Services Division, which assists with claims issues; the Smart N.C. program, offering independent reviews for denied treatments; the Seniors’ Health Insurance Information Program, which supports Medicare beneficiaries; and the Criminal Investigations Division, which handles insurance fraud and scams.

These combined efforts reflect the Department’s commitment to safeguarding North Carolina consumers and ensuring insurance companies operate transparently and lawfully. The enforcement actions and refunds underline the importance of regulatory oversight in maintaining trust and accountability in the insurance sector.