Washington Insurance Commissioner Mike Kreidler issued a fine of $950,000 against ACE American Insurance Co. and Indemnity Insurance Co. of North America for reportedly overcharging 18,000 Washington consumers for nearly five years.
Kreidler ordered the companies to repay $4.7 million including interest to policyholders no later than April 15.
Reimbursements to policyholders are expected range from less than $1 to over $2,500.
“We found tens of thousands of law violations among the two companies,” Kreidler said in a statement. “The most egregious violations were overcharging consumers through rate increases and not disclosing the increases to their customers.”
Kreidler suspended $200,000 of the fine and imposed a compliance plan that will require ACE and Indemnity, which are Chubb companies, to charge accurate rates and correct other law violations his office uncovered during a yearlong examination.
Topics Carriers Washington
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