North Dakota insurance regulators have fined two mutual insurance companies $10,000 each for operating outside their authorized territories.
State Insurance Commissioner Adam Hamm says his office fined West McLean Farmers Mutual Insurance Co. of Minot and Cando-based Family Mutual Insurance Co.
Under North Dakota law, a county mutual cannot insure property outside its authorized territory nor may it insure commercial property located within the limits of any incorporated city.
In 2009 and 2010, Family Mutual insured property outside its territory and insured commercial properties inside the limits of an incorporated city, according to the insurance department.
In 2010, West McLean also insured property outside its territory and insured commercial properties inside the limits of an incorporated city, the department said.
Both companies agreed to resolve their cases without a hearing.
Topics Carriers
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