Michigan Regulators Recover $33M for Consumers; $9M from Insurance

Michigan regulators report they recovered a record $33 million for financial services and insurance customers in 2009.

Insurance Commissioner Ken Ross said the $33 million in consumer recoveries breaks the previous record of $17 million set by the agency in 2008. He said the rise in consumer recoveries can largely be attributed to an increase in the amount of mortgage modifications his agency assisted in last year.

In 2009, $9,286,100 of the consumer recoveries involved insurance and securities products and the remaining $23,739,131 involved mortgage and banking products. The 2009 recoveries were based on 6,548 complaints.