Victoria Fire & Casualty Co. paid a $22,000 fine to Virginia insurance regulators, after a market conduct examination found it violated a number of state insurance regulations.
The insurer was fined for charging and collecting fees for insurance that were not included in the premium or stated in the policy; for misrepresenting the benefits, advantages, conditions or terms of an insurance policy; and failing to provide convenient access to files, documents and records relating to the examination, according to a settlement order with Virginia State Corporation Commission Bureau of Insurance, dated April 21.
The insurer also failed to notify policyholders in writing that a policy had a surcharge for an at-fault accident; made or issued policies not in accordance with the rate and supplementary rate information filings in effect for the company; and failed to include all information required by law in its insurance credit disclosure notices, records show.
This story originally appeared in the June 2010 print edition of Insurance & Financial Advisor.
Insurer pays $22,000 after Va. market conduct exam finds errors via IFAwebnews .
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