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New York, NY (CompNewsNetwork) – The New York State Insurance Department has taken disciplinary action against the following licensees. Those categorized as stipulations have been agreed to by the licensee. Department actions
that result from Department hearings are subject to judicial review and possible stay of enforcement.
Company: Nationwide Life Insurance
Penalty: $80,000 fine
Respondent violated Section 3201(b)(1) of the Insurance Law by using student blanket health insurance policy forms and rates that were not filed with and approved by the Superintendent, which were issued to students at St. John's University and Sarah Lawrence College during the school years 2004 – 2007. [Stipulation approved December 30, 2008.]
Company: Old Republic National Title Insurance Company
Penalty: $32,500 fine
Respondent charged rates that deviated from the approved rates filed with the Department; used insurance policy forms that were not approved by the Department; and failed to maintain adequate procedures to minimize the occurrence of improperly charged rates. [Stipulation approved December 22, 2008.]
Company: Union Security Life Insurance Company of New York
Penalty: $900,000 fine
Respondent violated Section 3201(b)(1) of the Insurance Law by using policy forms and rates that were not filed with and approved by the Superintendent and by changing the language on certain approved policy forms; Sections 3201(b)(4)(a) and 4216(b)(3)(M) of the Insurance Law and Department Regulation No. 27-A [11 NYCRR 185.3(a)] by using unapproved policy forms in the issuance of its credit business and by incorrectly certifying that the language in certain credit insurance policy forms was in compliance with all applicable provisions of the Insurance Law and Department Regulations; and Section 3214(c) of the Insurance Law by incorrectly using the date the claim was reported instead of the date of death to calculate the amount of settlement interest to be paid and by paying interest at a rate lower than the settlement option rate on some death claims. Respondent also violated Department Regulation No. 152 [11 NYCRR 243.2(b)(1), (7)] by failing to maintain certain records and application files for its credit life and disability in-force polices; and by failing to maintain proper work papers to support the entire amounts of credit business reported and also by failing to maintain certain financial records for some of its credit business. [Stipulation approved December 12, 2008.]
Company: Zurich American Insurance Company
Penalty: $250,000 fine
Respondent, in connection with its veterinarians errors and omissions program, charged rates that were not filed with the Department and delivered or issued for delivery policy forms that were not approved by the Superintendent. [Stipulation approved December 24, 2008.]
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