Washington Insurance Commissioner Mike Kreidler has fined three affiliated insurance companies a collective $50,000 for multiple violations of Washington insurance laws discovered during a market conduct examination of the companies. Kreidler’s examination reportedly revealed that Omni Insurance Co. and Omni Indemnity Co., both of Springfield, Ill., and Trumbull Insurance Co., Hartford, Conn., failed to properly refund more than $24,377 dollars to 169 Washington consumers.
In addition, the examination also reportedly revealed additional violations, specifically for:
- Failing to conduct business using the companies’ legal names
- Issuing policies through an agent whose appointment had been cancelled
- Failing to complete claim investigations in a timely manner
- Failing to maintain sufficient records
Kreidler suspended $25,000 of the fine on condition that the company refund the money owed to consumers and complete a two-year compliance plan administered and overseen by Kreidler’s office.
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