Just because they paid a fine did not mean they did anything wrong. Having worked on state related issues for Lm and other companies, you can be fined just for breathing the wrong way. The state insurance departments are always looking for a reason to stick it to insurers and look like heros to their constituents.
My experience at LM is that they do go out of their way to do the right thing. States make it hard to determine what that is sometimes. They are a good company.
I know for a fact as a former LM manager that this company has a “compliance management” evaluation that they consider…..and then break the rules. If any state does a National Market audit they will find a total lack of LRARO compliance and/or adherance to filed rates and rules.
It must have been some time since you worked there. constantly vigilant on making that compliant when I was there to a fault. Again the states did not make it easy.
They do all they can to keep the product line managers in the dark. Attaching WC endorsements to GL policies, manuscripting without consultation. It is getting worse since the direct business has made the workload overwhelming for the underwriters. I know where the bodies are buried. There average U/W is less than 25 years old with zero knowledge of compliance issues.
These guys are such hypocrits it’s not even funny. Ted Kelly crying about AIG being competitive is funny. He is the worst CEO i’ve ever seen.
How about:
“Honesty is the best policy.”
Not that the problem is limited ot Liberty, by any means…
I HATE liberty. I HATE THEM….not as much as AIG but they’re close.
That is all.
for paying claims, way to go, you are true heros.
Just because they paid a fine did not mean they did anything wrong. Having worked on state related issues for Lm and other companies, you can be fined just for breathing the wrong way. The state insurance departments are always looking for a reason to stick it to insurers and look like heros to their constituents.
My experience at LM is that they do go out of their way to do the right thing. States make it hard to determine what that is sometimes. They are a good company.
Hey – It’s not Liberty’s fault. It never is. They are the victim here. Somebody else caused this. Someone MADE them do it. Really. Just ask their CEO.
I know for a fact as a former LM manager that this company has a “compliance management” evaluation that they consider…..and then break the rules. If any state does a National Market audit they will find a total lack of LRARO compliance and/or adherance to filed rates and rules.
It must have been some time since you worked there. constantly vigilant on making that compliant when I was there to a fault. Again the states did not make it easy.
They do all they can to keep the product line managers in the dark. Attaching WC endorsements to GL policies, manuscripting without consultation. It is getting worse since the direct business has made the workload overwhelming for the underwriters. I know where the bodies are buried. There average U/W is less than 25 years old with zero knowledge of compliance issues.