Insurance Commissioner fines life insurance company $130,000 in December

Mike Kreidler, Insurance Commissioner

Topping the list of fines levies by the Insurance Commissioner Mike Kreidler in December 2018 was Accordia Life and Annuity Co., Des Moines, Iowa; fined $130,000, order 18-0250

Kreidler received 57 complaints about the company in 2016 and 2017 and started an investigation into its practices. The law violations included:

• Failure to maintain full and adequate records of more than 8,600 customer accounts.
• Underpaid interest on the death benefit of a policy and failed to correct the problem until the consumer complained to Kreidler’s office. State law requires that insurance companies pay 8 percent interest.
• Failed to provide annual statements to 21 consumers.

Insurance Commissioner Mike Kreidler issued fines in December 2018 totaling $192,050 against insurance companies, agents and brokers who violated state insurance regulations.