The Pennsylvania Insurance Department said regulators collected more than $1 million in penalties and fines, as well as more than $300,000 in restitution in the first quarter of 2013.
In total, 37 enforcement actions and market conduct examinations were closed and 3,578 written consumer complaints and inquiries were processed, the department announced.
The department also said it revoked nine licenses from individuals in the first quarter for violating Pennsylvania laws or regulations.
Insurance agents and companies must comply with state laws. If an investigation determines the law is broken, the department can impose fines, suspend or revoke a license and require a remediation.
The reasons for the actions were the result of companies and/or individuals:
- Committing prior felony convictions, which render an indefinite supervision of the insurance license;
- Overcharging insurance premiums;
- Failing to disclose prior misdemeanor convictions;
- Failing to report actions taken by other state insurance departments; and
- Misappropriating insurance premiums.
A comprehensive list, including detailed summaries, of the enforcement actions taken by the department is available online in the consumer protection section at www.insurance.pa.gov.
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