The Vermont Department of Financial Regulation says the Hartford Financial Services Group has agreed to pay more than $81,000 in restitution to Vermont customers whose auto insurance claims were improperly evaluated.
The department said Tuesday that it had determined that the company had inaccurately calculated the value of total vehicles losses for 77 claims between January 2009 and September 2011.
The Hartford Financial Services Group has agreed to institute new policies and procedures and mandatory training for all employees who handle such Vermont claims.
The department plans to do a follow-up exam in about a year.
Financial Regulation Commissioner Steve Kimbell said he was pleased with the corrective actions The Hartford has promised to take.
“It is always gratifying when a company acknowledges erroneous practices and strives to make improvements…I applaud The Hartford for its prompt resolution of this matter.” Kimbell said.
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