March 6, 2017 – A look at how five major Mass.-based insurers fared in 2016 based on their official financial results.
A Fraudulent Bond Scheme Leads To A Producer’s License Revocation And Fine
Over 20 contractors around the country paid $2.2 million in ‘premiums’ for bid, payment, and performance bonds that did not exist. One of the agents involved escaped indictment but lost his insurance licenses and was fined by the DOI $3,500.
Producer’s Unreported Criminal Case Leads to $1,500 Fine And License Revocation
February 26, 2017 – A nonresident producer agreed to a $250 forfeiture in Missouri for her failure to disclose a prior criminal case but her further failure to report that fine to other states resulted in nine license revocations and a $1500 fine in Massachusetts.
Producer’s Driving Under Pleas Eventually Lead to $5,000 Fine And License Revocation
February 14, 2017 -After four DUI pleas, resulting in a restricted producer license that was not reported as an administrative proceeding, a producer eventually loses all his non-resident and resident licenses in addition to being fined $5,000 by Massachusetts.
Liberty Mutual Goes Full Bore Into Insurtech Development
If you asked anyone to list the company-types developing new and innovative consumer apps for smartphones, tablets, and desktops, insurance companies would likely be at the bottom of the list. Those insurers that have introduced apps, generally have focused on basic extensions of their existing business models. At least one Massachusetts insurance company, however, may […]
