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Daveycrewcut

Jul 7, 2015 - 11:37AM

South Dakota Dept of Insurance Issues Consent Order

Foremost and Farmers Insurance Groups have consented to a $750,000 penalty rather than spend potentially more than that contesting the charges formally that they violated numerous state laws including failing to acknowledge an act within 30 days of notice, failing to promptly investigate a claim, failing to promptly provide an explanation of a decision to deny coverage and failing to promptly settle a claim. The incidents occurred between 1/1/2009 & 6/30/2012 !

How's that for a "speedy" resolution?

see (copy & paste)

http://dlr.sd.gov/insurance/market_conduct_exams/foremost_farmers_insurance_groups_consent_order.pdf

Ralph

Jul 8, 2015 - 5:48PM

Re: South Dakota Dept of Insurance Issues Consent Order

http://www.glassbytes.com/2015/07/south-dakota-finds-no-auto-hail-damage-claims-errors-in-insurance-examination/

the headline is laughable, reminds me of the meat market bragging in their ad about having USDA inspectors in their shop daily. If the meat market wasn't so filthy, the inspector wouldn't be there daily. Funny attempt at turning a negative into a positive.

Plenty of problems with timely payment of claims, among other issues including sales tax issues. makes you say hmmmmm.

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