Paramount Insurance reimburses 137 policyholders

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Paramount Insurance Co. had to reimburse 137 policyholders for failing to pay the $10 tag transfer fee required by Maryland law.

Between Jan. 1, 2008, and March 1, the insurer paid the vehicle loss transfer fee for vehicles that were total losses. But the insurer failed to pay the tag transfer fee, according to Maryland Insurance Administration records.

The MIA began its investigation following a consumer complaint. But in the last year, the MIA has investigated a handful of companies for failing to pay the tag transfer fee.

In addition to the $1,370 the company paid in reimbursements, Paramount Insurance paid a $5,000 fine, records show.

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