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