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Commissioner's Recent Orders & Decisions

Submitted by Anonymous on Thu, 2010-02-11 10:59

 

Important notes

1. The Orders posted below are unverified duplicates of official orders actually entered. To obtain an official version of the Order please contact: Diane Lewis, Docket Clerk at (802) 828-3301 or diane.lewis@state.vt.us.

2. To obtain Commissioner’s Decisions or Orders issued before November 1, 2009 (other than Market Conduct Examination Orders issued after October 21, 2003), please contact: Diane Lewis, Docket Clerk at (802) 828-3301 or diane.lewis@state.vt.us.

3. The statements below the “Nature of the Proceeding” and the “Action Taken” are intended to be descriptive in a general nature only. The official version of the Order should be consulted to determine the actual content of the Order.

4. Certificate of Need program Decisions and Orders can be found on the CON Decisions page.

Recent Orders & Decisions

Aetna Life Insurance Company

Nature of the Proceedings:

Stipulation and Consent Order

Violation:

Failure to pay the amount of statutory interest on payments made under policies of life insurance pursuant to 8 V.S.A. § 3665(c)(2) and (d).

Action taken:

  1. Cease and desist order.
  2. Additional interest payments ordered to be made to beneficiaries in all instances in which the proper rate of interest was not paid.
  3. Payment of the Department’s costs of $2390.00.

 

Unum Life Insurance Company of America

Nature of the Proceedings:

Stipulation and Consent Order

Violation:

Failure to pay the amount of statutory interest on payments made under policies of life insurance pursuant to 8 V.S.A. § 3665(c)(2) and (d).

Action taken:

  1. Cease and desist order.
  2. Additional interest payments ordered to be made to beneficiaries in all instances in which the proper rate of interest was not paid.
  3. Payment of the Department’s costs of $1,788.00.

 

Life Insurance Company of the Southwest

Nature of Proceeding:

Consent Order

Violation:

Market conduct violations

Action Taken:

Administrative penalty in the amount of $35,000

Payment of Department's reasonable costs and expenses associated with this Consent Order and the market conduct examination totaling $8,127

 

Margaret (Peggy) Cottrell

Nature of Proceeding:

Commissioner’s Order After Administrative Proceeding.

Violation:

Respondent engaged in a consistent pattern and practice involving the deception of lenders through submission of falsified and altered mortgage applications (“cut and pasting” of applicant and third party signatures) and related documentation, in violation  8 V.S.A. 2241, warranting monetary penalties and an injunction under 8 V.S.A.  2204(a)(1)(A) prohibiting her from acting as a mortgage broker or engaging in the financial services industry for a six (6) month period.

Action Taken: 

Fine and Suspension

 

Liberty Mutual Group

Nature of the Proceedings:

Settlement Agreement and Consent Order
 
Violations:
  1. Resolution of all outstanding issues in administrative contested case, BISHCA Docket No. 09-001-I involving Department Regulation 79-2.
  2. Satisfaction of outstanding administrative penalty and order in BISHCA Docket No. 09-096-I.
  3. Resolution of all issues raised by various market conduct exams of certain Respondent companies, including violation of 8 V.S.A. § 4723 by reason of 8 V.S.A 4724 (9). (Vermont Insurance Trade Practices Act)
Action taken:
 
Administrative penalty payment of $199,466.00
Payment of the Department’s costs of $35,534.00
 

International Fidelity Insurance Company

Nature of Proceedings:

Stipulation and Consent Order

Violation:

Failure to comply with filed rates in violation of 8 V.S.A. § 4723 by reason of 8 V.S.A. § 4724(19). (Vermont Insurance Trade Practices Act)
 
Action Taken:
 
Administrative penalty payment of $20,000.00
 
Payment of the Department’s costs of $9,294.30