Michigan Office of Financial and Insurance Services (OFIS) Commissioner Linda Watters said that two insurance companies that failed to submit information requested through an auto insurance data call by March 15 now face compliance penalties that could include a suspension of their ability to write insurance in Michigan. OFIS issued a noncompliance letter to the two companies outlining the enforcement actions and penalties OFIS may employ. The companies who have reportedly failed to meet the deadline are Great Lakes Casualty Insurance Co. and One Beacon Insurance Co. Enforcement actions range from monetary penalties to revocation of the company’s certificate of authority.
Topics Carriers Data Driven Auto
Was this article valuable?
Here are more articles you may enjoy.
Former Broker, Co-Defendant Sentenced to 20 Years in Fraudulent ACA Sign-Ups 
Jury Finds Johnson & Johnson Liable for Cancer in Latest Talc Trial 
State Farm Adjuster’s Opinion Does Not Override Policy Exclusion in MS Sewage Backup 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance From This Issue
