Washington Insurance Commissioner Mike Kreidler has fined a New Jersey insurer and its affiliated companies $250,000 for multiple violations of Washington insurance laws discovered during a market conduct examination of the companies.
Kreidler levied the fine against Chubb & Son, of Warren, N.J., a division of Federal Insurance Co., and its affiliated companies. The companies market and sell property and casualty coverage in Washington state. The market conduct examination revealed multiple violations related to the companies’ sale of policies with unapproved premiums and rates, and other violations.
The examination resulted in more than $65,000 in premium overcharges being returned to policyholders.
The companies were previously fined more than $132,000 for violations discovered in an unrelated market conduct examination in 1998.
Source: OIC
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