New Hampshire Insurance Department Announces $6.5 Million Recovery for Consumers, $2.78 Million Assessment Rebate, and Record Achievements for Fiscal Year 2024

CONCORD, NH (August 13, 2024) – The New Hampshire Insurance Department (NHID) today announces a notable $2,786,000 assessment rebate to insurance carriers, alongside a series of record-setting achievements for Fiscal Year 2024. This substantial rebate reflects the Department’s commitment to fiscal responsibility and efficient management, while the year-end milestones highlight the Department’s dedication to consumer protection and regulatory excellence.

“The $2.78 million rebate is a testament to our prudent financial stewardship and our ongoing efforts to maintain a competitive insurance marketplace,” said Insurance Commissioner DJ Bettencourt. “Moreover, the Department’s record-setting accomplishments in consumer services, fraud prevention, and enforcement underscore our unwavering commitment to both the industry and the public we serve.”

In Fiscal Year 2024, the NHID achieved unprecedented results across several key areas. The Consumer Services Unit processed 1,113 consumer complaint investigations, addressed 3,269 assistance requests, and reviewed 108 external health review applications. The total amount recovered for New Hampshire consumers reached a record $6,539,409. This includes $3,482,320 from Property & Casualty claims and $2,850,344 from Life & Health claims, reflecting the Department's efforts to resolve all types of consumer issues.

“This record-setting recovery for New Hampshire consumers is a testament to our Consumer Services Unit’s tireless work,” said Robin Tierney, Consumer Services Director. “Our mission is to educate consumers, help them navigate the insurance market, and investigate their complaints. The efforts of our Consumer Service Officers in addressing complaint investigations and assistance requests highlights our commitment to resolving insurance issues for Granite Staters.”

The Department also made significant strides in fraud prevention. The NHID received 457 referrals, opened 24 new cases, and submitted 15 of these cases for felony prosecution. The impact of these actions totaled $215,847.34, and the efforts highlight the NHID’s dedication to combating fraudulent insurance activities.

“The NHID has zero tolerance for insurance fraud,” said Brendhan Harris, Fraud Director. “New Hampshire prosecutes felony insurance fraud, and rising costs for parts and labor, as well as inflation, make the $1,500 threshold for felony charges very low. Insurance fraud hurts everyone, and the Department is dedicated to ensuring a transparent and trustworthy insurance market for all Granite Staters.”

The NHID’s Enforcement Unit investigated 313 cases and assessed $856,250 in fines. With 31 enforcement actions taken, the Department’s rigorous approach ensures that insurance carriers and agents adhere to state regulations and operate transparently.

“The enforcement actions taken by the NHID this fiscal year underscore our commitment to ensuring compliance with insurance regulations and maintaining a fair marketplace,” said Joshua Hilliard, Compliance and Enforcement Counsel. “These investigations, fines, and actions are crucial in upholding the integrity of the insurance industry and protecting Granite State insurance consumers.”

The NHID’s Licensing unit has added an additional 11,288 licenses issued during the Fiscal Year. In 2024, there were 112,305 licensed Adjusters and 121,456 Producers. The Department’s Financial Regulation Division has been monitoring the financial solvency of 60 domestic insurance companies and over 1,200 active licensed insurance companies conducting business in the state. And this fiscal year, the National Association of Insurance Commissioners (NAIC) awarded New Hampshire a full, five-year accreditation.

Additionally, NHID filled long-standing vacancies within the Department, which has enhanced customer service for carriers, producers, and consumers. The Department conducted the highest number of market conduct exams in the past decade, reinforcing its role in overseeing insurance practices. Expanded consumer outreach and education efforts have empowered the public with essential information, while a record number of producer and adjuster licenses were processed, supporting a well-regulated insurance market.

“Our achievements in Fiscal Year 2024 not only reflect our financial prudence but also our steadfast commitment to protecting consumers and ensuring a fair insurance market,” said Deputy Commissioner Keith Nyhan. “We anticipate that the savings from the rebate will benefit consumers through more stable or reduced premiums, and the dedication of our team in filling long-standing vacancies and expanding consumer outreach has significantly enhanced our service to the community.”

The New Hampshire Insurance Department Can Help

The New Hampshire Insurance Department’s mission is to promote and protect the public good by ensuring the existence of a safe and competitive insurance marketplace through the development and enforcement of the insurance laws of the State of New Hampshire. Contact us with any questions or concerns you may have regarding your insurance coverage at 1‐800‐852‐ 3416 or (603) 271‐2261, or by email at consumerservices@ins.nh.gov. For more information, visit https://insurance.nh.gov/.