Chubb & Son said it has appealed an order from Washington State Insurance Commissioner Mike Kreidler, who is looking to stop six Chubb subsidiaries from writing new commercial insurance in the state for nine months because the companies' use of rates allegedly did not adhere to their rate filings.
Commissioner Kreidler said Chubb faces a $534,000 fine–an amount based on 534 alleged violations of state law at $1,000 apiece.
Chubb spokesman Mark Schussel said the company was "extremely surprised and disappointed" with the order and fine. Attorneys for the company have filed an appeal, which immediately stays the ordered suspension and fine and allows the Chubb companies to continue to write new business pending a hearing, Mr. Schussel said.
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