Wash. Watchdog Fines Insurer Over Unapproved Policies

Law360, New York (October 23, 2012, 7:40 PM EDT) -- BCS Insurance Co. on Monday was hit with a $500,000 fine by Washington's insurance regulator for allegedly issuing hundreds of thousands of policies using unapproved rates and policy language.

Washington Insurance Commissioner Mike Kreidler said his office found that between 2007 and 2009, BCS issued over 500,000 travel insurance policies that were different from the policy language filed with the state. Rates for identical benefits were inconsistent, depending on who the customer was, according to Kreidler's office.

BCS has agreed to pay the fine, according to...
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