New York regulators have fined five units of The Travelers Cos. Inc. a combined $50,000 for paying commissions to an unlicensed insurance agency in New York.
The fines were paid as part of a legal stipulation signed last month, and covers violations of insurance law that took place between January 2006 and April 2007.
The commissions in question were for approximately 110 insurance policies.
In legal documents, Travelers said the payments were an oversight and the company vowed to take “all steps necessary” to ensure similar violations did not occur in the future.
The name of the agency was not disclosed.
The Travelers subsidiaries named in the disciplinary action are The Travelers Indemnity Co, Travelers Indemnity Co. of Connecticut
The Travelers Indemnity Co. of America, The Charter Oak Fire Insurance Co. and Travelers Casualty & Surety Co. of America.
All of those units are headquartered in Hartford, Connecticut.
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