The Colorado Division of Insurance has fined property/casualty insurer GuideOne Mutual Insurance Company $15,500 as a result of a recent market conduct examination.
Violations cited included the alleged failure of the company upon cancellation or non-renewal of a policy to disclose to the policyholder the right to replace the policy through an assigned risk plan, and the failure to disclose the reason for the rejection of new business applications. Also cited was the reported failure to make some personal injury protection (PIP) benefit payments within the time period required by Colorado insurance law. Penalty amount assessed by the Division reflect the number, frequency and consumer impact of the findings for the company.
“The Division of Insurance conducts market conduct examinations of insurance companies to insure compliance and protect Colorado consumers,” Commissioner William Kirven III said. “When companies do not adhere to Colorado insurance law, they must make the required changes and provide consumers with stated benefits.”
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