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Press Releases – April 30, 2019

 Contact: Eric Weinstein, 860-297-3864
 
Insurance Department Fines Company $152,000
 

A Pennsylvania-based insurer was recently fined $152,000 for breaches of Connecticut insurance laws. Connecticut Insurance Commissioner Andrew N. Mais fined AmGUARD Insurance Company (“AmGUARD”) after a market conduct examination found it to be in violation of multiple provisions of state law. AmGUARD is licensed to transact property and casualty insurance in Connecticut.


The Department’s Market Conduct Unit discovered the violations during a routine examination of AmGUARD in 2018. The Market Conduct Unit performs examinations and investigations of insurance companies and individual licensees to ensure that the insurance market and the individual companies meet and service the needs of Connecticut consumers. The examination found that AmGUARD did not establish proper practices and procedures to ensure compliance with the law. A review of AmGUARD’s records found that —among other issues—certain producers were selling, soliciting or negotiating coverage without proper licensure and/or proper appointments.

Commissioner Mais said, “Compliance with our laws and regulations is not optional and I take these violations very seriously. Consumer protection is the Connecticut Insurance Department’s top priority. Ensuring compliance with our laws and regulations is just one way that I can let consumers know the products they are purchasing have the full regulatory protections provided in the State of Connecticut and let industry know that Connecticut is a state with a fair and competitive regulatory environment.”

The Consent Order additionally requires that AmGUARD will undertake a complete review of the practices and procedures found to be in violation of Connecticut insurance laws and provide the Insurance Commissioner with a full report of its findings and actions taken to be in compliance.

The stipulation and consent order may be found here.
 
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About the Connecticut Insurance Department: The mission of the Department is to protect consumers through regulation of the industry, outreach, education and advocacy. In FY 2018, the Department recovered more than $4.5 million on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. For every dollar of direct expense, the Department brings in about $8.35 to the state in revenues. In FY 2018, the Department returned more than $145 million in assessments, fees, fines and penalties, and taxes to the state’s General Fund.
 
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