The Department of Consumer & Business Services (DCBS) has fined an Indiana company $2,000 for reportedly violating the Oregon Insurance Code.
United Home Life Insurance Co. of Indianapolis was fined for reportedly falsely certifying that an accidental death benefit policy it submitted for approval by the DCBS Insurance Division complied with Oregon insurance laws.
Insurers must have most policy forms approved by the Insurance Division before using them in Oregon. Standards for various types of policies are posted on the division’s Web site and insurers must certify that their policies comply with the applicable standards.
According to the report, United Home Life submitted an accidental death benefit policy for approval that would pay benefits only if the death occurred within 90 days after an accident. However, the company certified to the Insurance Division that benefits would be paid if the death occurred within 180 days after an accident, as required by Oregon law.
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