Wisconsin Insurance Commissioner Sean Dilweg announced a regulatory settlement with Time Insurance Co., a health insurer headquartered in Milwaukee, that includes a forfeiture of $280,000 for failure to correct previously identified problems with company practices in Wisconsin.
In addition, the company has agreed to comply with Wisconsin insurance laws and previous orders issued by the commissioner.
The regulatory settlement is based on a market conduct examination, which included re-evaluation of issues identified in previous market conduct examinations of Time Insurance Co.
The examination report alleged multiple problems involving noncompliance with previous recommendations from the Office of the Commissioner of Insurance (OCI), the company’s documentation of compliance procedures, the company’s grievance procedures, and the use of unlicensed and unlisted agents.
According to the terms of the settlement, Time Insurance has agreed to pay a forfeiture of $280,000. The company has also agreed to comply with orders from the Commissioner from previous market conduct examinations.
Source: Wisconsin Department of Insurance
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