NU Online News Service, June 29, 1:41 p.m. EDT
.jpg "Liberty Mutual Growth Rate, 2006-2008")
Two Liberty Mutual subsidiaries in North Carolina have issued more than $1 million in refunds to policyholders the companies overcharged, says Insurance Commissioner Wayne Goodwin.
Goodwin says Safeco Insurance Co. of America and American States Preferred Insurance Co. gave the refunds to more than 11,200 automobile, homeowners' and dwelling fire policyholders.
A market-conduct exam by Goodwin's office, and self-audits by the companies, revealed problems with Safeco and American States' ratings systems between 2006-2008.
As a result, it was determined that 2,462 auto policies were overcharged. About $631,000 was refunded. Nearly $363,500 was given back to 8,257 overcharged homeowners, and about $55,535 was refunded to nearly 500 dwelling-fire business policies.
The State Department of Insurance says Safeco and American States have submitted a corrective-action plan and the department plans a follow-up examination to make sure the companies have implemented the plan.
According to Highline Data, Liberty Mutual Insurance Group is the eighth largest writer of personal-lines insurance in North Carolina, with a 4 percent market share.
Highline Data is a part of Summit Business Media, which also owns National Underwriter.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
