Four New Jersey insurers pay $60,000 for infractions in Virginia
Four insurance companies based in New Jersey were fined $66,000 by Virginia regulators for failing to comply with several state laws.
Selective Insurance Co. of South Carolina, Selective Insurance Co. of America, Selective Insurance Co. of the Southeast and Selective Way Insurance, all based in Branchville, N.J., also must comply with an Corrective Action Plan as part of the settlement of the allegations, according the Virginia State Corporation Commission Bureau of Insurance.
Regulators say they found evidence the companies delivered or issued policies or endorsements without having filed the policy forms or endorsements with the bureau at least 30 days prior to their effective date. The insurers also were accused of failing to file certain rate and supplementary rate information, records show.
The companies also were found to have been issuing policies or endorsements that failed to meet the Rules Governing Claims-Made Liability Policies, records indicate.


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