PA Insurance Department Revokes Eight Licenses in Second Quarter Enforcement Actions

HARRISBURG, Pa., July 30 -- The Pennsylvania Insurance Department issued the following news release:

The Pennsylvania Insurance Department revoked eight licenses from individuals in the second quarter of 2013 for violating Pennsylvania laws or regulations.

In total, 37 enforcement actions and market conduct examinations were closed and 3,654 written consumer complaints and inquiries were processed.

The department also collected more than $343,000 in penalties and fines, as well as more than $73,000 in restitution.

Insurance agents and companies must comply with state laws. If an investigation determines the law is broken, the department can impose fines, suspend or revoke a license and require a remediation.

The reasons for the actions were the result of companies and/or individuals:

- Improperly charging insurance premiums;

- Failing to process and pay major medical claims in a timely fashion;

- Failing to disclose prior felony or misdemeanor convictions;

- Falsifying insurance applications;

- Failing to provide required sales and replacement disclosures when selling life insurance and annuity products; and

- Misappropriating insurance premiums.

A comprehensive list, including detailed summaries, of the enforcement actions taken by the department is available online in the consumer protection section at www.insurance.pa.gov.

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