The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
OLYMPIA, Wash., Jan. 2 -- The Washington stateOffice of the Insurance Commissioner issued the following news release:
Fines and other enforcement actions issued by Insurance Commissioner Mike Kreidler in the second half of 2012 included:
State Farm Mutual Automobile Insurance Co. and State Farm Fire and Casualty Co., Bloomington, Ill.: Fined $50,000.
Bituminous Casualty Corp., Rock Island, Ill.: Fined $40,000.
Hartford Insurance Co. of the Midwest, Hartford, Conn.: Fined $30,000.
Sentinel Insurance Co., Hartford, Conn.: Fined $30,000.
Markel Insurance Co., Deerfield, Ill.: Fined $20,000.
National Interstate Insurance Co., Richfield, Ohio: Fined $20,000.
Premera Blue Cross, Mountlake Terrace, Wash.: Fined $20,000. (Two cases)
Unitrin Auto and Home Insurance Co., Dewitt, NY: Fined $15,000.
Premier Marine Insurance Managers Group USA Inc., Seattle: Fined $14,050.
Farmers Insurance Co. of Washington (Mercer Island) and Farmers Insurance
Exchange (Los Angeles, Calif.): Fined $10,000.
American National General Insurance Co., Springfield, Mo.: Fined $10,000.
Old Republic Title, Ltd., Lynnwood: Fined $8,000.
Fidelity and Guaranty Life Insurance Co., Baltimore, Md.: Fined $7,500.
Interstate National Dealer Services Inc., Dover, Del.: Fined $5,000.
State Farm Mutual Automobile Insurance Co., Bloomington, Ill.: Fined $5,000.
Sentinel Security Life Insurance Co., Salt Lake City, Utah: Fined $3,500.
Kitsap Health Plans, Bremerton: Fined $2,500.
Casey Bail Co., Bremerton: Fined $2,000.
American Fire and Casualty Co., The Ohio Casualty Insurance Co., Ohio
Security Insurance Co. (all of Fairfield, Ohio) and West American Insurance
Co. (Indianapolis, Ind.): Fined $1,250.
Hudson Insurance Co., Wilmington, Del.: Fined $1,250.
Old Republic National Title Insurance Co., Minneapolis, Minn.: Fined $1,000.
Regence BlueCross BlueShield of Oregon, Portland, Ore.: Fined $1,000.
Stonington Insurance Co., Plano, Texas: Fined $1,000.
Washington Casualty Co., Maple Valley: Fined $1,000.
Professionals Direct Insurance Co., Grand Rapids, Mich.: Fined $750.
Agents and brokers whose licenses were revoked:
Joosung K. Cho (Bellevue)
Marquette Cook (Renton)
Stephanie K. Dahl (Woodinville)
Theresa Duncan (Chehalis)
Francisco Javier-Aroche (Oregon and Mexico)
Steven J. Junker (N. Las Vegas, Nev.)
Vanessa J. Mack (Snohomish)
Erik M. Pearson (Spokane)
Nicky J. Root (Jeffersonville, Ind.)
Herbert M. Saunders Jr. (Kent)
Sarah S. Williams (Lacey)
Agents and brokers fined:
Joseph A. Sturges, Boise, Idaho: Fined $5,000.
Marcie K. Ohlinger, Seattle: Fined $2,500.
Vargus and Associates, Tacoma: Fined $2,000.
Edward J. Chadwick, Yakima: Fined $1,000.
Marion K. Parham, Bothell: Fined $1,000.
Sean Michael Joyner, Mukilteo: Fined $750.
QuickQuote Financial, Inc. and Timothy S. Bain, Reno, Nev.: Fined $750.
Joseph C. Betts, Bellevue: Fined $500.
Michael T. Carlton, Lynnwood: Fined $500.
Arthur Cervantes, Tukwila: Fined $500.
Frank P. Hartman, Bensalem, Penn.: Fined $500.
Kevin J. Lawrence, Floral Park, NY: Fined $500.
Premier Insurance and Associates, Vancouver: Fined $500.
Igor V. Slobodyan, Tacoma: Fined $500.
Carol A. Thornhill, New York, NY: Fined $500.
Nick J. Turner, Marysville: Fined $500.
Ana Celestino, Pasco: Fined $250.
Stacey A. Odem, Bothell: Fined $250.
Orders and details about these cases are posted online at
www.insurance.wa.gov/orders/enforcement.asp. In addition, individual press
releases about several notable large fines in 2012 can be found at http://www.insurance.wa.gov/news/index.shtml.
The fines collected do not go to the agency. They are deposited in the state's general fund to pay for other state services.
Kreidler's consumer protection staff can be reached at 1-800-562-6900 or at AskMike@oic.wa.gov.
Consumers can also look up information on an agent or company or file a complaint 24/7 at the Office of the Insurance Commissioner website: www.insurance.wa.gov.
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