Washington Insurance Commissioner Mike Kreidler has issued an order suspending six property and casualty insurers from providing insurance for nine months, effective Nov. 18. Existing policies will not be affected.
Kreidler has also proposed fining the insurers $534,000 — $1,000 for each of 534 alleged violations of state law — though that depends on the outcome of a hearing against New Jersey-based Chubb & Son, the parent of the accused companies.
Chubb subsidiaries Federal Insurance Co., Pacific Indemnity Co., Great Northern Insurance Co., Executive Risk Indemnity Inc., Vigilant Insurance Co. and Northwestern Pacific Indemnity Co. are accused of the violations. In some instances, more than half of reviewed files included violations, the Insurance Commissioner’s office said. Chubb will be allowed to appeal the suspension.
