West Virginia Insurance Commissioner, Jane L. Cline, has announced that the Insurance Commission fined 10 companies and nine agents nearly $1 million dollars last year for violations relating to the insurance code of the State of West Virginia.
“Insurance Commission staff continually monitor the fiscal strength of more than 1,500 licensed companies marketing insurance products in West Virginia, as well as licensing and maintaining records for over 8,000 resident and 33,000 non- resident insurance agents” Cline said. “It is our job to make certain that companies and agents are in compliance with state insurance laws.”
In addition to the fines, the Insurance Commission also issued cease and desist orders prohibiting four companies from engaging in the transaction of insurance in West Virginia, revoked the licenses of six companies and seven agents, suspended the licenses of five companies for no longer meeting the requirements for the license originally granted, and suspended the licenses of two agents for failing to meet continuing education requirements.
“The mission of the West Virginia Insurance Commission is to promote a competitive and solvent insurance market, while protecting the rights of consumers, by fairly and consistently administering the insurance laws of the Sate of West Virginia” Cline said.
Total company penalties and fines last year were $90,414; agent penalties and fines totaled $826,000 with an additional $15,105 collected in hearing costs.
Topics Agencies Virginia West Virginia
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