Date: February 6, 2009
For more information contact: Jim Guidry, (608) 264-6239 or jim.guidry@wisconsin.gov

Insurance Commissioner reassures Circuit City
customers their warranties will be covered

Madison, WI—In response to consumer inquiries, Wisconsin Insurance Commissioner Sean Dilweg expressed confidence that product warranties sold through Circuit City stores will continue to be honored and will not be affected by the closure of the retail giant.

"Consumers will not lose product warranty protections" said Dilweg. "I've confirmed with insurers underwriting the product warranties that Circuit City's closing will have no impact on the coverage provided by the warranty plans."

Under Wisconsin law, all third-party product warranty companies must provide proof of financial security for the warranties they issue. Many warranties issued in Wisconsin are financially secured through insurance policies issued by licensed insurers. Those insurers are subject to Wisconsin's strict solvency regulations which ensure that companies have the reserves in place to pay claims.

"We are here to help consumers if they experience problems with their coverage." said Dilweg.

Third-party product warranties are different from manufacturer's warranties that usually exist within the first year or two of a product's life. Third-party product warranties will cover the product beyond the life of the manufacturers warranty and are not associated with the manufacturer but are generally sold at the retail location where the product is purchased.

Consumers who have concerns about their product warranty may call 1-800-236-8517. Consumers who are experiencing difficulties with a claim should file a complaint with OCI. A complaint form is available at the OCI Web site (oci.wi.gov) or can be obtained by calling the 800 number.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.