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Connecticut Insurance Department Fines Vermont Mutual Insurance Company $144,000

25 Jul, 2008 WorkersCompensation.com

                               

Hartford, CT (CompNewsNetwork) - Connecticut Insurance Commissioner Thomas R. Sullivan signed an order  fining Vermont Mutual Insurance Company, headquartered in Vermont, $144,000 for violations to state law.

The market conduct exam conducted by survey alleged that Vermont Mutual Insurance Company had 104 agents who were not appointed, and 15 agents who were not licensed in accordance with Connecticut law.

The survey examination also alleged that, in 72 instances, negotiated commissions that did not meet Connecticut requirements were utilized to write new business.

The company complied with the stipulation and final order, has agreed to undertake a complete review of its practices and procedures to ensure compliance with Connecticut law, and will submit a compliance report to the commissioner within 90 days.

ABOUT THE CONNECTICUT INSURANCE DEPARTMENT

The mission of the Connecticut Insurance Department is to serve consumers in a professional and timely manner by providing assistance and information to the public and to policy makers, by regulating the insurance industry in a fair and efficient manner which promotes a competitive and financially sound insurance market for consumers, and by enforcing the insurance laws to ensure that consumers are treated fairly and are protected from unfair practices. For more information, visit the Connecticut Insurance Department at www.ct.gov/cid.

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