Tuesday, June 21, 2011

Insurance companies and agents fined more than $750,000 this year in WA

Washington State Insurance Commissioner Mike Kreidler has fined insurance companies, agents and brokers more than $750,000 this year. Violations included charging unapproved rates and submitting false documents.
“These fines are the `teeth’ that help us protect insurance consumers,” said Kreidler. “It’s our job to see that the insurance industry’s playing by the rules.”

From January through mid-June, the insurance commissioner’s office has imposed $787,815 in fines. The largest, by far, was a $534,000 fine issued in January. More recent fines are listed below.

The money does not go to the agency. It is deposited in the state’s general fund to pay for other state services.

Any Washingtonian with a complaint against an insurer, agent or broker can contact the office at 1-800-562-6900 or file a complaint online at http://www.insurance.wa.gov/.

For a list of companies fined recently, read the press release here.