State Fines Vermont Mutual Insurance
State Fines Vermont Mutual Insurance
HARTFORD â Connecticut Insurance Commissioner Thomas R. Sullivan signed an order July 10 fining Vermont Mutual Insurance Company, headquartered in Vermont, $144,000 for violations to state law.
The market conduct exam conducted by survey alleged that Vermont Mutual Insurance Company had 104 agents who were not appointed, and 15 agents who were not licensed in accordance with Connecticut law.
The survey examination also alleged that, in 72 instances, negotiated commissions that did not meet Connecticut requirements were utilized to write new business.
The company complied with the stipulation and final order, has agreed to undertake a complete review of its practices and procedures to ensure compliance with Connecticut law, and will submit a compliance report to the commissioner within 90 days.
For more information, visit the Connecticut Insurance Department at www.ct.gov/cid.