St. Paul Travelers has reduced commissions paid to insurance agents on homeowners policies sold in Bryan, Camden, Chatham, Glynn, Liberty, and McIntosh Counties, according to Georgia Insurance Commissioner John Oxendine.
The intention, the commissioner said, is for St. Paul Travelers to write fewer policies in those coastal counties. Oxendine ordered a hearing into their business practices.
St. Paul Travelers is additionally charged with modifying existing
property and casualty polices in the coastal counties by means of a “Named Storm Endorsement” that was not part of the company’s filed and approved endorsements.
The company also failed to provide sufficient notice to its policyholders
regarding the “‘Named Storm Endorsement,” officials maintain.
“The market manipulations of this insurer are contrary to state
insurance laws,” Oxendine said. “I won’t stand for companies that plot to reduce coverage for any segment of Georgia’s citizens.”
The hearing scheduled for Feb. 9 at 10 a.m could result in a cease and desist order issued against the company for unfair trade practices according to a news release issued by Oxendine’s office.
Minnesota-based St. Paul Travelers Insurance Companies does business in Georgia through approximately 42 affiliated companies.
Source: www.oci.state.ga.us
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