Auto insurance providers fined by insurance regulators in the state of Washington

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Auto insurance providers fined by insurance regulators in the state of WashingtonMike Kreidler, the insurance commissioner in the state of Washington, recently announced levying fine on auto insurance, home insurance and other insurance policies for violating various laws set down by the state government. The total fine amount totals to a little over $1 million till date.

Of the many violations by these insurance providers, the main ones are improper advertising, unapproved rates and failure to offer young children health care coverage. Also, Kreidler has requested all the residents of the state to reach out to the state insurance department in case they need any assistance in regard to the complaints against the state auto insurance providers, brokers and even agents. In one of his recent statements, Kreidler has clearly mentioned that insurance is an important, but complicated matter and hence customers require protection against fraudulent insurance providers.

This announcement by Kreidler highlights one of the many services that the state regulators offer customers. The state insurance regulators not just unearth fraudulent service providers and levy fine, but also ensure they oversee the overall operations of various insurance providers who offer auto insurance, health insurance, medical insurance, life insurance, home insurance and other policies to customers. The regulators not just look out for violations of state laws, but also help consumers who need assistance to process their claims, in case the insurance companies reject it without any reason. The regulators facilitate discussions between the complainants and the auto insurance providers to resolve complaints and reach a proper resolution. Each year, the state insurance regulatory body helps recover millions, which the insurance companies would have failed to pay consumers, if not for their mediation.

Insurance regulators not just in Washington, but also the other states in the country, maintain a detailed record of the insurance providers who frequently feature in customer complaints and track their performance. They intervene and provide assistance to consumers in case the insurance provider in on the verge of insolvency or are not financially stable. They evaluate the policies being issued by the insurance providers in the state to ensure the state specified minimums are being met. The state specifies the minimum coverage requirements for auto insurance policies as well as other types of coverage to ensure customers have sufficient assistance in case of any mishap. Companies that do not cover these minimum requirements in their policies can be fined by the state insurance regulatory bodies for violating the law.