South Dakota insurance regulators and two insurance groups have reached a settlement that will result in a $750,000 total penalty against the companies.
The state’s Division of Insurance announced the settlement with Farmers Insurance Group and Foremost Insurance Group.
The Insurance Division says an investigation found “various deficiencies in the companies’ practices that needed to be corrected.”
The state didn’t provide the specific violations citing confidentiality reasons. A report with the details will be released in July.
State Insurance Director Larry Deiter says the insurers’ “past wrongs have or will be righted.”
The two groups that will pay the penalty are members of the Farmers Insurance Group of Companies.
Spokesman Luis Sahagun says Farmers does not agree “with many of the Division’s findings of alleged violations” and has agreed to the settlement “in order to resolve the matter.”
Topics Agribusiness
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