Chubb & Son announced its attorneys have filed an appeal with the Washington Office of the Insurance Commissioner over enforcement action that would have prevented six of its companies from writing new policies for nine months.
The appeal resulted in an immediate stay of Chubb’s suspension order, and as a result, all Chubb companies can continue to write new business in Washington pending a hearing, which will be scheduled at a future date.
Earlier this week, Washington State Insurance Commissioner Mike Kreidler issued an order to suspend the insurance certificates of six Chubb & Son companies, effective Nov. 18, 2010, because it said Federal Insurance Co., Pacific Indemnity Co., Great Northern Insurance Co., Executive Risk Indemnity Inc., Vigilant Insurance Co., and Northwestern Pacific Indemnity Co. — all wholly owned subsidiaries of Chubb & Son — repeatedly failed since 1998 to properly document the reasons for charging higher or lower rates on certain policies.
“Chubb was extremely surprised and disappointed by the OIC’s actions,” said Mark Schussel, Chubb & Son spokesman. “Chubb takes seriously its compliance obligations and remains committed to the insurance market in the state of Washington.
Topics Washington
Was this article valuable?
Here are more articles you may enjoy.
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
Viewpoint: California’s Surplus Lines HO Market Driven by Access, Not Wildfire Risk 
Viewpoint: How Will the Middle East War Affect the Insurance Sector? 
A Little Behind Schedule, But Execs Say Sypher Insurance is on Track for May Debut 
