HARRISBURG, Pa., April 14, 2011 /PRNewswire-USNewswire/ -- The Insurance Department today announced the latest round of actions taken against insurance agents and companies for violations of Pennsylvania's insurance laws.
After investigations in the first quarter of 2011, the Insurance Department took 42 total actions, which included the following:
- Imposed $453,000 in civil penalties.
- Ordered $26,758.13 in restitution payments to policyholders who were defrauded.
- Revoked the insurance licenses of nine individuals.
- Suspended the licenses of nine other individuals.
Insurance companies and agents must comply with state laws. When investigations determine that laws have been broken, the department can impose fines, suspend or even revoke an insurance license and require remediation.
During an investigation, the Insurance Department can monitor the activity of licensed individuals, business entities and insurance companies. It can also examine records, files and practices of insurance entities and their compliance with Pennsylvania statutes and regulations. The department works to ensure that the rates charged in the marketplace are not unfairly discriminatory or excessive to any individual or group.
Individuals can access the department's enforcement and market conduct actions via the Consumer Protection tab on www.insurance.pa.gov.
Media contact: Melissa Fox or Rosanne Placey, 717-787-3289
SOURCE Pennsylvania Department of Insurance