Rosendale Releases CSI’s 2017 Year-in-Review Report

csimt 2018, Insurance, Legislature, Press Release, Securities

HELENA, Mont. – Securities and Insurance Commissioner Matt Rosendale today released a 2017 Year-in-Review report for the Commissioner of Securities of Insurance, Office of the Montana State Auditor (CSI).

The report covers key achievements, statistics, executive actions, and legislation supported by CSI in 2017 under the agency’s mission and guiding principles. You can read the FULL REPORT HERE.

“Our excellent team had an extremely productive year advocating for Montana consumers, expanding options, and improving the way we do business for the people of our state,” Rosendale said. “We’re committed to delivering even more great results for Montanans as we continue into 2018.”

Highlights from CSI’s 2017 Year-in-Review report include:

  • A more efficient agency: 6.3% reduction in total staff, 18% reduction in appointed staff, 23% reduction in operating costs
  • Additional $450,000 transfer to the state general fund to help solve the state’s budget issues due to the special legislative session, on top of the over $7 million fiscal year-end transfer and other cuts (CSI is completely funded by special revenue, is a revenue generator for the state’s general fund, and is one of the smallest state government agencies)
  • 53 public records requests handled, for an average of one new request every week
  • Over $11 million in premium saved for more than 56,000 Montanans
  • More than 1,400 complaints and inquiries handled, over $6.6 million recovered for Montana consumers
  • Over 300 legal cases, matters, opinions, and reviews closed, with over $6.5 million in ordered restitution and $136,700 in fines
    • Five criminal securities matters resolved, with more than $4.8 million in ordered restitution and over 53 years in state and federal prison time for perpetrators, including the longest securities-related prison sentence in Montana history
  • Executive actions to expand Montanans’ health care options, protect people who were affected or threatened by wildfires, and reduce unnecessary regulations
  • Hosted the 2017 Montana Insurance Summit, an Investment Advisor Workshop, and educated Montanans at many events around the state
  • Smooth open enrollment process for 2018 individual market health insurance plans, with all three existing insurers participating for 2018
  • 82 new entities licensed or authorized to operate in Montana
  • 52 Montana issuers approved to raise up to $442 million in capital
  • Legislation passed and signed into law to protect vulnerable Montanans from financial exploitation, protect consumers from unfair insurance practices, and work on addressing high prescription drug costs and the lack of price transparency in the health care industry
  • Improved public access to public lands and responsibly managed natural resources via the State Land Board

READ THE FULL REPORT HERE

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