$305K in Fines Was Issued by the Washington Insurance Commissioner
Washington DC Time:$305K In Fines Was Issued By Now.
For breaking state insurance laws and regulations, insurance companies and insurance producers were hit with fines totaling $305,694 by Washington Insurance Commissioner Mike Kreidler in November.
The fines, the commissioner’s office’s justifications for them, and the specifics of the reported infractions are listed below:
Between 2014 and 2021, Geoduck operated as an insurance company in Washington without registering as a captive insurer. $25,000 fined Bryn Mawr College in Bryn Mawr, Pennsylvania
Without a certificate of exemption from the OIC, Bryn Mawr gave $81,971.29 in charitable gift annuities to six residents of Washington. $25,000 fine assessed against University of Wisconsin, Madison, WI
Time In Washington DC:
Four Washington residents received $81,739.23 in charitable gift annuities from the University of Wisconsin without obtaining a certificate of exemption from
the OIC. Pittsburgh, Pennsylvania’s GBU Financial Life was fined $1,000.
Without permission, GBU Financial operated as a fraternal benefit society. In addition to paying $18,421 in back premium taxes, penalties, and interest on the $528,964 in premiums it collected on policies insuring Washington risk between 2012 and 2023, the company also agreed to pay a $1,000 fine.
Producers, brokers and agents, and long-term life insurers
$1,000 fine for Zo Clerico of Arlington, Washington
In addition to the fine, Clerico’s license was revoked for using fraudulent methods and submitting insurance applications for fictitious people. Columbus, Ohio’s Nationwide Life and Annuity Insurance Co. was fined $140,273.87.
Washington Time:
Before Nationwide confirmed they had received the necessary training, forty of its producers sold long-term care insurance products.
Kreidler has evaluated more than $39,000 since 2001.million in fines, all of which go toward funding state services through the general fund of the state.
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