A trio of insurance companies were fined by the Colorado Division of Insurance for allegedly violating state laws and regulations.
According to a report in The Gazette, Farmers Insurance Exchange and American Standard Insurance Co. of Wisconsin were each hit with $5,000 fines, with Hartford Underwriters Insurance Co. being saddled with a $6,500 fine. The fines for Farmers and Hartford are a result of recent market conduct examinations, which included delays in payment related to personal injury claims.
Meantime, American Standard is alleged to have taken part in unfair claims settlement practices in relation to an auto insurance policy. A consumer complaint resulted in a division investigation of the company.
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