Connecticut Fines Vermont Mutual Insurance Over Agent Licensing

Connecticut Insurance Commissioner Thomas R. Sullivan has fined Vermont Mutual Insurance Co. $144,000 for violations of state law.

A market conduct exam conducted by survey alleged that Vermont Mutual had 104 agents who were not appointed, and 15 agents who were not licensed in accordance with Connecticut law.

The survey also alleged that, in 72 instances, the insurers used negotiated commissions that did not meet Connecticut requirements to write new business.

Sullivan said that the company has complied with the stipulation and final order, has agreed to review of its practices to ensure compliance with Connecticut law, and will submit a compliance report within 90 days.

Source: Connecticut Insurance Department

Topics Agencies Connecticut