Washington Insurance Commissioner Mike Kreidler issued fines in November totaling $305,694 against insurance companies and insurance producers for violations of state insurance laws and regulations.
Following are the fines, the reasons for them from the commissioner’s office and the details of the reported violations:
Insurance companies and unauthorized insurers
UnitedHealthcare of Oregon Inc., Lake Oswego, Ore.; fined $35,000
UnitedHealthcare incorrectly processed telemedicine claims during the 2021 plan year, resulting in 602 reprocessed claims from 159 consumers with $31,557 in claim underpayments.
Towers Administrators LLC, Middletown, Del.; fined $50,000
Towers Administrators sold prescription discount membership plans to five Washington residents without being authorized to do so.
Geoduck Insurance Group, Salt Lake City, Utah; fined $10,000
Geoduck conducted insurance business in Washington between 2014 and 2021 without being registered as a captive insurer.
Bryn Mawr College, Bryn Mawr, Pa.; fined $25,000
Bryn Mawr issued charitable gift annuities to six Washington residents, totaling $81,971.29, without receiving a certificate of exemption from the OIC.
University of Wisconsin, Madison, Wis.; fined $25,000
The University of Wisconsin issued charitable gift annuities to four Washington residents, totaling $81,739.23, without receiving a certificate of exemption from the OIC.
GBU Financial Life, Pittsburgh, Penn.; fined $1,000
GBU Financial acted as a fraternal benefit society without being authorized to do so. The company was fined $1,000 and agreed to pay $18,421 in back premium taxes, penalties and interest on the $528,964 in premiums it collected on policies insuring Washington risk between 2012 and 2023.
Producers, agents & brokers, long-term life providers
Zo Clerico, Arlington, Wash.; fined $1,000
Clerico’s license was revoked, in addition to the fine, for submitting insurance applications for fictitious individuals and using fraudulent practices.
Nationwide Life and Annuity Insurance Co., Columbus, Ohio; fined $140,273.87
Forty of Nationwide’s producers sold long-term care insurance products before the company verified that they’d received the required training.
Since 2001, Kreidler has assessed more than $39 million in fines, which are directed to the state’s general fund to pay for state services.
Topics Washington
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