A P/C claims unit of the insurer formerly known as AIG has paid a $495,000 fine to regulators in New York for improper licensing of the business and its employees, according to the latest disciplinary report from the New York Insurance Department.
Chartis Claims Inc. and some of its employees acted as adjusters in New York without licenses and conducted insurance business under unlicensed names, according to the document. The company agreed to the fine in early December.
It’s one of the larger fines in recent memory levied by the state’s insurance regulator, which issues a new disciplinary report every one to two months.
The company was one of 22 companies, agents and brokers listed in the newest disciplinary report as paying fines. Other than Chartis Claims, violators paid fines of between $500 to $6,000.
In addition, the state revoked insurance licenses of eight agents and brokers, according to the report.