An insurance trade group in New York says that insurance companies, not agents, should be responsible for informing all concerned parties of pending policy cancellations.
Minnesota’s attorney general has filed lawsuits against two Texas-based companies she said exploited thousands of residents who have difficulty finding affordable health insurance by selling them “health discount” plans.
The Maryland Insurance Administration is advising insurance companies to “provide reasonable accommodations” to policyholders regarding cancellations caused by the second of two heavy snowstorms to hit the state.
An Illinois agent and his agency have lost their licenses to do business in the state and must pay a $100,000 fine for distributing fraudulent letters on stationary appearing to be that of the state’s department of insurance.
Three affiliated auto insurance companies paid more than $100,000 in fines and restitution after Maryland regulators found they improperly handled premium increase notifications.
A Lanham, Md., family recently lost its appeal of a decision by Standard Fire Insurance Co. to not renew its homeowners coverage after three claims were filed on the policy.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.