Washington Insurance Commissioner Mike Kreidler issued fines in October totaling $607,613.35 against insurance companies and insurance producers that reportedly violated state insurance laws and regulations.
Following are the alleged violators and a breakdown of their reported fines:
Insurance companies
AIG Property Casualty Company; fined $2,000
AIG used an incorrect rating factor in 49 instances.
Geico Advantage Insurance Company; fined $5,000
Geico failed to conduct insurance business under the company’s legal name.
UnitedHealthcare Insurance Company; fined $500,000
UnitedHealth failed to demonstrate its compliance with mental health parity laws. The company was fined $500,000 with $250,000 suspended, pending its adherence to a compliance plan.
Unauthorized insurers
Active Network LLC; fined $25,000
Active Network acted as an unauthorized insurer by selling its refund program to 3,922 people in Washington for a total of $152,455.18. The company was fined $25,000 with $12,500 suspended.
Thongin, DMD, PS, et al.; fined $15,000
Thongin, DMD, PS, a professional service corporation, and three professional limited liability companies acted as unauthorized insurers and unlicensed discount plan organizations by selling dental membership plans through its practices.
Producers, agents & brokers
Jessica Fukuchi and PCRG Insurance LLC; fined $1,000
Fukuchi failed to establish adequate accounting records and adequately handle premium funds and failed to implement the required corrective actions after an initial examination.
Long-term care insurance
RiverSource Life Insurance Company; fined $59,613.35
RiverSource failed to verify that 10 of its insurance producers completed the required long-term care training before they sold long-term care insurance products. The 10 producers sold 17 policies to Washington consumers on behalf of the company and earned $59,613.35 in commissions.
Since 2001, Kreidler has assessed more than $39 million in fines, which are directed to the state’s general fund to pay for state services.
Topics Washington
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