Great News! Colorado has a new Insurance Comissioner.
“Colorado Gov. John Hickenlooper announced that Rep. Jim Riesberg will be the state’s new Commissioner of Insurance… ‘This position will require striking a balance between the needs of the insurance industry with the needs of consumers, and I’m confident this can be accomplished’ Riesberg said.”
(Source: Insurance Journal 07/04/11)
You may be wondering, “What? I didn’t even know we had an insurance commissioner… what does he do?” If so, you’re in good company—most consumers aren’t aware of what an Insurance Commissioner is or does. Here’s a definition from Colorado’s Dept of Regulatory Agencies:
“The Colorado Division of Insurance regulates the insurance industry and assists consumers and other stakeholders with insurance issues. Consumer protection is our mission. [Our] staff responds annually to an estimated 26,000 telephone calls, e-mails, letters and walk-in visits from consumers. The Division performs both market conduct and financial examinations on insurance companies licensed to conduct business in the state. The exams determine compliance with Colorado insurance laws and regulations by identifying violations and ensuring company solvency.”
(Source: DORA, 08-11-11)
Mr Riesberg and his staff will have the authority to handle complaints from consumers against their insurance company and agents. His office has been appointed by the Governor of Colorado to protect the insurance consumer. If an issue arises, the commissioner will investigate the complaint and determine if in fact the insurance company or agent have violated any laws or rules, or have acted unethically. If this is the case, the insurance commissioner can then fine the agency, or choose to suspend or revoke their license to operate in the state. This is an important position, and one that many consumers do not even know is available as a resource. The commissioner’s office also oversees all requests by insurance agents in Colorado for new insurance licenses and applications for license renewals. The insurance commissioner has the right not to accept a new license or not renew a insurance license if he feels there are any concerns.
The good news on our end is that the Mark Olsen Insurance Agency has never had any complaints filed against us with the Division of Insurance. It’s always been our mission to take care of our policyholders in a timely and professional manner. That’s how we’ve been able to stay in business for more than 25 years, and we will continue to treat our clients with fairness and provide great service. So as a consumer, you can take comfort knowing that there’s a public figure watching over us to make sure we’re doing our job the right way. But we’re confident that you’ll never need to talk to him, because we’ll make sure you get the coverage you need, and have a positive experience.
-The Mark Olsen Insurance Agency
