Office of Financial and Insurance Services (OFIS) Commissioner Linda A. Watters said that four insurance companies that failed to submit information requested through a home insurance data call by the deadline, Feb. 17, 2004, now face compliance penalties that could include a suspension of their ability to write insurance in Michigan.
OFIS issued a noncompliance letter to the four companies outlining the enforcement actions and penalties OFIS will employ.
“I have been very clear that this information is essential to our review of the causes behind the high cost of home insurance,” Watters said in a statement. “Insurers will comply with our request or face penalties.”
The companies who have failed to meet the deadline are: Fidelity and Deposit Company of Maryland, The Northern Assurance Company of America, Onebeacon Insurance Co., and Westport Insurance Corp. Enforcement actions range from monetary penalties to revocation of the company’s certificate of authority. Companies writing automobile insurance have also been recently asked to provide similar data to OFIS, and these companies have until March 15, 2004, to comply with this request.
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