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State insurance office seeks analyst after finding widespread over‑ and mis‑valued insured properties
Summary
Department of Administration’s insurance division told the committee one analyst is currently responsible for billions in state property and that an additional property valuation analyst is requested to audit values and remove obsolete or overvalued items from the insurance roll.
Senator Seinenfeld asked the Department of Administration to explain why agencies had entered incorrect property values and whether the state had been overpaying insurance for demolished or misvalued buildings. Faith Knowlton, administrator of the department’s insurance division, said the division currently has one analyst responsible for over $11 billion in property and for more than 8,500 vehicles, and that staffing limits have contributed to valuation errors.
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