State Farm Insurance and other insurers slapped with Washington fines

state farm insurance and insurer fines

The state’s insurance commissioner has issued the penalties to brokers and agents as well. Washington Insurance Commissioner Mike Kreidler has slapped State Farm Insurance, other insurers, agents and brokers with a number of fines throughout January. These fines totaled $15,000 and were issued for having violated the state’s insurance industry regulations. The largest fines the commissioner doled out were to State Farm Fire & Casualty Co. from Bloomington, Indiana. State Farm Insurance saw two thirds of the total fines from the Washington insurance commissioner. They were ordered to pay $10,000…

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Two-tier insurance company standards coming soon from Feds

Insurance Company standards financial federal reserve

The Federal Reserve is going to be issuing a new requirements structure for firms labeled “too big to fail”. The Federal Reserve has now announced that a two-tier insurance company standards system will soon be created in addition to special liquidity requirements that will be meant for providers that have been called “too big to fail.” These changes are meant to help to mitigate risks to financial stability, said Fed Governor Daniel Tarullo. Tarullo made the announcement as a part of his speech to the National Association of Insurance Commissioners…

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Department of Health and Human Services seizes control of rate review process in Arizona

Arizona insurance companies are falling prey to federal insurance regulators as the Department of Health and Human Services (HHS) seizes control of the rate review process in the state. Last year, federal regulators began reviewing rates proposals from a company that sought approval for a 40% increase. Regulators decried this as one of the most unreasonable rate proposals they had seen since the passing of the Affordable Care Act and have vowed to fully investigate proposals coming from 32 other health insurance companies. Federal regulators will be reviewing any proposal…

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