Pennsylvania Hands Out $600k in Insurance Fines

August 12, 2008

The Pennsylvania Insurance Department said it assessed nearly $600,000 in penalties last quarter to entities and individuals found guilty of violating insurance laws.

Those fines stem from 35 enforcement actions and 17 market conduct exams completed during the quarter.

“Insurance is a promise of protection and the Insurance Department’s most important function is to protect insurance consumers,” Commissioner Joel Ario said in a statement. “We continually monitor the insurance marketplace for unlawful behavior, and when we find individuals or entities who are not following insurance laws, or who are operating without an insurance license, we take action against them.”

An enforcement action is the result of an investigation or examination that reveals a violation of Pennsylvania insurance law. They can result in fines, restitution, cease and desist orders, license supervision or a revocation or surrender of a license.

Source: Pennsylvania Insurance Department

Was this article valuable?

Here are more articles you may enjoy.