MIA issues fines for incomplete, lack of fraud language by insurers IFAwebnews.com
The cases, which were recently released by the MIA, include:• Selective Insurance Co. of America, Selective Insurance Co. of South Carolina and Selective Insurance Co. of the Southeast, all based in Branchville, N.J., jointly paid a $10,000 fine for failing to include the language on four claims forms issued through Sept. 25, 2009.
• Axis Surplus Insurance Co., Axis Insurance Co., Axis Specialty Insurance Co. and Axis Reinsurance Co., all based in Alpharetta, Ga., jointly paid a $10,000 fine for failing to include “sufficiently similar” language to what was required by the law in forms it used through October 2009.
• American Automobile Insurance Co., American Insurance Co., Fireman’s Fund Insurance Co. and National Surety Corp., all based in Novato, Calif., failed to include the notice on some claims forms issued through June, 6, 2009.
• AAA Mid-Atlantic Insurance Co. and Keystone Insurance Co., both based in Wilmington, Del., jointly paid $10,000 for failing to include the fraud disclosure statement in its auto insurance applications issued through Sept. 28, 2009. The companies did include the proper language on applications for homeowners and dwelling-fire insurance, records show.
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