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