(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 The $150,000 penalty will be rescinded if Liberty complies with the terms of the order.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.
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