From a news release we issued minutes ago:
Insurance Commissioner Mike Kreidler issued more than $2 million in fines against insurers, agents and brokers in 2012.
�Ideally, we�d have full compliance and no fines,� said Kreidler. �But the reality is that sometimes it takes a fine to get a company to address problems. And in many cases, these fines were accompanied by compliance plans aimed at making sure the problems don�t recur.�
The fines totaled $2,033,990. Violations included charging customers for coverage they�d never agreed to, charging unapproved rates, allowing unlicensed staffers to sell policies and failing to register with the state.
�Fortunately, these cases are the exception,� said Kreidler. �Most companies, agents and brokers follow the rules.�
The agency posts all disciplinary orders � including those that don�t include fines � at www.insurance.wa.gov/orders/enforcement.asp.
The total for 2012 was higher than the previous year�s $1.4 million.
Fines collected by the insurance commissioner�s office do not go to the agency. The money is deposited in the state�s general fund to pay for other state services.
Over the past 12 years, Kreidler has issued more than $15 million in fines for violations of Washington�s insurance laws.
Insurance Commissioner Mike Kreidler issued more than $2 million in fines against insurers, agents and brokers in 2012.
�Ideally, we�d have full compliance and no fines,� said Kreidler. �But the reality is that sometimes it takes a fine to get a company to address problems. And in many cases, these fines were accompanied by compliance plans aimed at making sure the problems don�t recur.�
The fines totaled $2,033,990. Violations included charging customers for coverage they�d never agreed to, charging unapproved rates, allowing unlicensed staffers to sell policies and failing to register with the state.
�Fortunately, these cases are the exception,� said Kreidler. �Most companies, agents and brokers follow the rules.�
The agency posts all disciplinary orders � including those that don�t include fines � at www.insurance.wa.gov/orders/enforcement.asp.
The total for 2012 was higher than the previous year�s $1.4 million.
Fines collected by the insurance commissioner�s office do not go to the agency. The money is deposited in the state�s general fund to pay for other state services.
Over the past 12 years, Kreidler has issued more than $15 million in fines for violations of Washington�s insurance laws.