PA Insurance Department Announces 2011 Enforcement and Market Conduct Actions

HARRISBURG, Pa., Jan. 25, 2012 /PRNewswire-USNewswire/ -- The Pennsylvania Insurance Department's Office of Market Regulation closed 334 enforcement actions and market conduct examinations in 2011. The department issued 141 orders and adjudications, collected more than $900,000 in penalties and fines and recovered $3.2 million in restitution for consumers.

Action is taken after an investigation reveals violations of Pennsylvania statutes or regulations, or after the completion of a market conduct examination. Enforcement actions conclude with the issuance of a consent order, a settlement agreement, or an order and adjudication.

The results of the actions are as follows:

  • 37 individual insurance licenses were revoked or surrendered to the department.
  • 57 licenses were placed under various periods of supervision.
  • 16 waivers were issued, placing individuals under indefinite supervision due to prior felony convictions.

The reasons for the actions were the result of companies and/or agents:

  • Using unapproved insurance contracts.
  • Misappropriating premium dollars.
  • Forging or altering signatures of policyholder applications.
  • Failing to disclose prior felony and misdemeanor convictions.
  • Selling unlicensed health plans.
  • Lying on license applications or renewal forms.

A comprehensive list of enforcement actions taken by the department is available online in the consumer protection section at www.insurance.pa.gov.

Media contact: Rosanne Placey or Melissa Fox, 717-787-3289

 

 

SOURCE Pennsylvania Department of Insurance



RELATED LINKS
http://www.state.pa.us

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