News as a result of our work

Minnesota settles with two life insurers over unpaid policies

Monday, January 5th, 2015

Minnesota settles with two life insurers over unpaid policies
By David Phelps, Star Tribune (Minneapolis)
Tribune Content Agency
Dec. 12–The Minnesota Commerce Department announced agreements with two life insurance companies Thursday to increase efforts to find and pay death benefits to beneficiaries of their policyholders. The settlements with Voya (ING) and Lincoln bring to five the number of insurers in the state who have …

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Commerce Commissioner Reaches Settlement with Transamerica and MetLife

Wednesday, June 18th, 2014

Commerce’s intensive market conduct examination unearthed tens of millions in unpaid life insurance policies
May 27, 2014

SAINT PAUL, MN – Today, Minnesota Department of Commerce Commissioner Mike Rothman signed Regulatory Settlement Agreements with Transamerica and MetLife that require both insurance companies to pay Minnesota beneficiaries their rightful proceeds from life insurance policies, annuity contracts and retained asset accounts; and $4 million total …

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More mismanagement issues arise at Citizens Insurance

Wednesday, August 28th, 2013

BY TOLUSE OLORUNNIPA
HERALD/TIMES TALLAHASSEE BUREAU

TALLAHASSEE — State regulators knocked Citizens Property Insurance Corp. this month for unnecessary travel costs, failing to negotiate on multimillion-dollar vendor contracts and spending more than $10,000 a month on vacant office space.

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Commerce Commissioner Mike Rothman Announces $14 Million settlement with Prudential on Unclaimed Death Benefits

Monday, August 12th, 2013

May 15, 2013

SAINT PAUL, MN – Commerce Commissioner Mike Rothman signed a Resolution and Regulatory Settlement Agreement with Prudential Insurance Company today to ensure payment of due and payable proceeds from life insurance policies, annuity contracts, and retained asset accounts to Minnesota beneficiaries, and strengthened procedures to make sure policy holders and beneficiaries receive the unclaimed proceeds from these policies and contracts in a …

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Life Insurance Giants Fined for Claim Payouts

Thursday, November 15th, 2012

By Jennifer Bjorhus, Star Tribune (Minneapolis)
McClatchy-Tribune Information Services

Aug. 17, 2012–State insurance regulators have sanctioned four of the largest life insurance companies that operate in Minnesota for allegedly steering death-benefit recipients to keep the money in special accounts the companies run, instead of taking lump sum payouts.
The companies — Prudential, John Hancock, MetLife and ING — were each fined $200,000 and ordered to change their claims …

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AMBD HOSTS WORKSHOP ON CORE INSURANCE PRINCIPLES

Tuesday, June 5th, 2012

AMBD HOSTS WORKSHOP ON CORE INSURANCE PRINCIPLES

GOH DE NO
BANDAR SERI BEGAWAN
Tuesday, June 5, 2012

THE AMBD yesterday hosted a workshop aimed at fostering understanding of a revised insurance core principles amongst representatives from ASEAN nations and regional states.

Mahani Hj Mohsin, the acting executive director (Insurance/Takaful and Capital Market Supervision) of the Autoriti Monetari Brunei Darussalam’s (AMBD) Regulatory Department during her opening speech said that the subject …

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Statement at the Conclusion of the IMF FSAP Mission to Slovenia

Thursday, April 19th, 2012

Press Release No. 12/134
April 16, 2012

An International Monetary Fund (IMF) mission, headed by Vassili Prokopenko, visited Slovenia during April 4–16, 2012, to conduct an evaluation under the Financial Sector Assessment Program (FSAP). The FSAP assessed financial sector strengths and vulnerabilities to systemic risks and reviewed the supervisory framework and the contingency arrangements. The mission met with senior officials and staff from the Ministry of Finance, …

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Florida Office of Insurance Regulation Submits Annual Report on Freedom to Travel Law

Tuesday, March 1st, 2011

TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today submitted the 2011 Freedom to Travel Report to legislative leaders detailing the Office of Insurance Regulation’s (Office) efforts to implement the “Freedom to Travel Act.” Passed in 2006, the legislation placed strict limitations on insurance companies’ ability to deny an application or increase premiums for life insurance or annuities solely based on past or future …

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Florida’s 2010 Freedom of Travel Report Documents Unfair Denials of Life Insurance

Thursday, March 18th, 2010

A fourth annual report to Florida legislative leadership that documents circumstances under which the refusal of life insurance or the refusal to continue existing life insurance based on past or future lawful travel constituted an unfair trade practice was published today, March 1, 2010.

By law, the report includes the number of applications under which life insurance was denied, continuance was refused, or coverage was limited …

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Oxendine: Company Overcharged Georgians

Monday, December 7th, 2009

ATLANTA (MyFOX ATLANTA) – State insurance commissioner John Oxendine said Monday that thousands of Georgians may have been overcharged for their title insurance over a four year period.

Oxendine said the state has identified …

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Florida Insurance Commissioner Alleges Discrimination by Life Insurer, Liberty National

Tuesday, July 14th, 2009

TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty has ordered Liberty National Life Insurance Co. (Liberty National) to show cause why its license should not be suspended or revoked for alleged violations of Florida law relating to unlawful discrimination based on national origin or potential travel plans.

The Office of Insurance Regulation (Office) conducted a five-month, on-site investigation at Liberty National’s Birmingham, Ala., office, June 23 …

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Florida Office of Insurance Regulation Submits Annual Report on Freedom to Travel Law

Wednesday, March 18th, 2009

Florida Office of Insurance Regulation Press Release

TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty has submitted the 2009 Freedom to Travel Report to legislative leaders detailing the Office of Insurance Regulation’s (Office) efforts to implement the “Freedom to Travel Act.” Passed in 2006 and codified into law at Section 626.9541(1)(dd), Florida Statutes, the legislation placed strict limitations on insurance …

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Peoples Trust Insurance to Stop Writing New Policies

Wednesday, March 18th, 2009

Florida Office of Insurance Regulation Press Release

TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced that the Office of Insurance Regulation (Office) and People’s Trust Insurance Co. (People’s Trust) have entered into a Consent Order that requires People’s Trust to stop writing new policies until it complies with provisions of the order.

As the result of the Office’s comprehensive investigation of …

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Florida Insurance Commissioner and Allstate Resolve Pending Litigation

Tuesday, August 26th, 2008

Florida Insurance Commissioner Kevin McCarty announced that the Office of Insurance Regulation reached a limited agreement with the Allstate Companies.

The agreement includes a $5 million fine to resolve the ongoing issues that had become the subject of numerous proceedings stemming from Allstate’s September 2007 rate filing, the Jan. 15 public hearing and related subpoenas, issued Oct. 16, 2007, by the OIR.

Other terms of the …

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Blue Cross, HMO Colorado fined by state

Tuesday, August 12th, 2008

Denver Business Journal – by Bob Mook

Anthem Blue Cross and Blue Shield of Colorado and an affiliated company were fined a total of $542,500, Insurance Commissioner Marcy Morrison said Tuesday.

According to a statement from the Colorado Department of Regulatory Affairs, Anthem Blue Cross and Blue Shield and its wholly owned subsidiary HMO Colorado Inc. were ordered to pay $290,000 and $252,500 respectively, for violating market …

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Florida Attorney General, Office of Insurance Regulation Reach $46 Million State Farm Settlement

Tuesday, November 20th, 2007

October 2, 2007 — TALLAHASSEE, FL – Florida Attorney General Bill McCollum today announced that the Attorney General’s Office and the Office of Insurance Regulation have reached a $46 million settlement with State Farm Mutual Automobile Insurance Company and State Farm Fire and Casualty Company, collectively owned by State Farm Insurance. Under the settlement, State Farm will refund excess surcharges amounting to approximately $23 million, …

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First American to pay Florida $5M

Tuesday, November 20th, 2007

First American Title Insurance Co. has agreed to pay $5 million in penalties and costs for alleged kickback payments to builders, bankers, real estate agents and brokers for business referrals, violating the Florida Insurance Code and federal law, state officials said.
A yearlong investigation by the state Department of Financial Services found that First American had created and utilized limited partnership entities to act as …

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Florida Report Finds Weaknesses in Citizens’ 2004 Hurricane Response

Friday, April 28th, 2006

TALLAHASSEE, Fla. November 08 (BestWire) – A report issued by the Florida Office of Insurance Regulation has identified several areas of weakness in the state-run homeowners insurer of last resort’s response to the 2004 hurricane season. The report also notes the corrective actions Citizens Property Insurance Corp. has since taken to address those problem areas.

The investigation was prompted by complaints made to the Division of
Consumer …

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Nationwide to reimburse homeowners for 2004 hurricanes

Friday, April 28th, 2006

Denies violating state insurance regulations
Florida Today
Reproduced under license from
the Copyright Clearance Center

TALLAHASSEE — Florida’s fourth-largest home insurer, Nationwide Insurance Co. of Florida, has been ordered by state regulators to find and reimburse homeowners underpaid for 2004 hurricane damage.

In addition, Nationwide has agreed to pay $250,000 to the Office of Insurance Regulation to reimburse the agency for its investigation of the company’s conduct.

“This is the largest …

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