Complaints about Insurance Agents/Brokers? Turn to These People

Insurance agent or brokers(*) sometimes make mistakes. When these errors or omissions (E&Os) cause you damage or loss, you may need to know where to turn for help. It's not always obvious who you can complain to or from what direction you can expect assistance. There are ten (10) or so different avenues that you can try when attempting to get your complaint a fair hearing. (1) Talk to your agent or broker(*) directly. (2) Contact your agent's boss. This could be a field director, general agent, managing agent, or other supervisor. (3) Call or email the insurance company. (4) Reach out to your state's insurance commissioner. (5) Drop a line to the licensing board or the National Insurance Producer's Registry (NIPR). (Also consider contacting the agent's errors-and-omission's insurer.) (6) File a complaint with the Better Business Bureau. (Similarly, leave thoughtful reviews on Citysearch, Google, Yelp, and so on. Visit the RipoffReport and PlanetFeedback.) (7) Contact your state's attorney-general or secretary-of-state office. (8) Call, visit, or write your congresspeople -- representatives or senators. (9) When appropriate, file a complaint with the Federal Trade Commission's (FTC's) Bureau of Consumer Protection. (10) For variable insurance or market/stock-connected vehicles such as annuities(**) -- whether Traditional IRAs, Roth IRAs, or non-qualified annuities -- and other similar products, consult the United States Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). To try to ensure that you are successful in trying to get a fair hearing for your complaint, consider these five (5) tips. (1) Document everything -- keep thorough records. (2) Stick to the facts! Don't get emotional. (3) Don't debate principals -- stay practical and focused on concrete and demonstrable losses. (4) Have a goal mind: What do you want the result to be? (5) Consult a professional if necessary. (*) Most basically, agents represent companies; brokers represent clients. Agents can be "captive" or "exclusive" and work for one company only. Or they can be "independent" or "non-exclusive" and have access to products from multiple companies. For the difference between an insurance company and an insurance agency, see: https://www.youtube.com/watch?v=FO4KnKH88Gg (**) Annuities can be fixed, equity-indexed (or fixed-indexed), or variable. Disclaimer: I am not a lawyer and this is not to be construed as legal -- or any other kind of -- advice. This video is for general informational or entertainment purposes only. If you need personal recommendations or assistance, consult a licensed professional or attorney in your area. For further reading, please visit: InsurancePrescription.com