Liberty Mutual Faces Fine and Policyholder Repayment Mandate Amidst Violation Allegations by Minnesota Department of Commerce

Saint Cloud, MN, USA / KNSI

Jennifer Lewerenz

Oct 26, 2023 | 10:14 AM

Unsplash

(KNSI) — The Minnesota Department of Commerce has slapped Liberty Mutual Insurance Company and several of its subsidiaries with a $150,000 fine and ordered them to pay back policyholders after it found the company committed several violations.

The consent order says the company failed to offer a minimum antitheft protection device discount, used the applicant’s status as a residential tenant in their offering or establishing multi-policy discounts and automatically raised rates without telling their customers. More than 85,500 people are affected.

The total amount of the refunds, credits and premium reductions is $7.7 million. The $150,000 penalty will be rescinded if Liberty complies with the terms of the order.

Liberty has until October of 2024 to issue the refunds.

___

Copyright 2023 Leighton Enterprises, Inc. All rights reserved. This material may not be broadcast, published, redistributed, or rewritten, in any way without consent.

Flood gates are dropped from a plan to protect the Jersey Shore's back bays from catastrophic storms

Huge gates at the mouths of three inlets and barriers across bays are no longer part of a plan to protect New Jersey’s back bays from the type of catastrophic flooding they endured during Superstorm Sandy.

The Associated Press 3h ago

Party City files for bankruptcy and plans to shutter nationwide

Party City was once unmatched in its vast selection of affordable celebration goods. But over the years, competition stacked up at Walmart, Target, Spirit Halloween and especially Amazon.

Juliana Kim 3h ago

Farmers are still reeling months after Hurricane Helene ravaged crops across the South

Farmers in Georgia are still reeling more than two months after Hurricane Helene blew away cotton, destroyed ripened squash and cucumbers and uprooted pecan trees and timber. Agribusinesses in other Southern states saw costly damage as well.

The Associated Press 4h ago

FOLLOW US FOR INSTANT UPDATES!

FOLLOW US FOR INSTANT UPDATES!

No feed items available at this time.

Pause Auto-Update | Back to Top