October 11, 2023
OLYMPIA, Wash. — Insurance Commissioner Mike Kreidler issued fines in September totaling $178,964 against insurance companies and insurance producers who violated state insurance laws and regulations.
Insurance companies
TransAmerica Life Insurance Company, Cedar Rapids, Iowa; fined $40,000 (order 23-0161).
- TransAmerica failed to keep adequate accounts and records of its obligations and transactions, resulting in valuation errors on annuity policies. Thirty-eight policies in Washington were affected, 32 of which were active.
Great American Alliance Insurance Company, Great American Assurance Company, Great American Insurance Company, Cincinnati, Ohio; fined $2,500 (order 23-0172).
- Great American incorrectly applied premium determination ratings.
Long-term care insurance
Note: Insurance agents are required to receive specific long-term care training and continuing education to ensure they have the knowledge to properly sell long-term care products. The legislature requires insurers to share in the responsibility through an annual education verification process.
Knights of Columbus, New Haven, Conn.; fined $118,946.03 (order 23-0153).
- Knights of Columbus failed to verify that five of its insurance producers completed the required long-term care training before they sold long-term care insurance products. The five producers sold 306 policies and earned $118,946.03 in commissions. The organization also failed to file its verification within the required timeframe.
Massachusetts Mutual Life Insurance Company, Springfield, Mass.; fined $10,000 (order 23-0147).
- Massachusetts Mutual failed to verify that two of its insurance producers received long-term care training before they sold long-term care insurance products. The company self-disclosed that two of its insurance agents were not in compliance with the long-term care education requirements and the agents sold three policies, earning $2,185.63 in commissions.
Unauthorized insurers
HUB International Insurance Services Inc., Riverside, Calif.; fined $5,000 (order 23-0123).
- HUB International Insurance Services Inc. sold surplus lines of insurance and accepted a commission on those sales through an unlicensed insurance producer in Washington.
Vivian Sundin, Long Beach, Calif.; fined $1,500 (order 23-0125).
- Sundin, an account manager at HUB International Insurance Services, sold surplus lines of insurance and accepted a commission on those sales without being licensed to do so in Washington.
Producers, agents & brokers
Shelton Anthony Hansen, Spokane Valley, Wash.; fined $2,000 with $1,000 suspended (order 23-0157).
- Hansen forged a signature on an insurance application.
About the Office
Kreidler’s office oversees Washington’s insurance industry to ensure that individuals, companies, agents and brokers follow state laws. 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.
The Office of the Insurance Commissioner publishes disciplinary orders against companies, agents and brokers. For an insurance question or complaint, you may contact Kreidler’s consumer advocates online or by phone at 800-562-6900.