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


http://dlr.sd.gov/insurance/administrative_actions.aspx

It looks like Sentry Insurance, Dairyland and Viking also got slapped with a Consent order and fine to the tune of 125,000 smackers.

Just out of curiosity, has anyone asked the question of just how much of the fine went back to harmed insurance consumers, or, as seems to be the case regularly, the state keeps the money in their coffers?

Don't get me wrong, I'm all for enforcement, and for the wrongdoing to become visible.

On the other hand, though, I've been reading of a recent similar situation in Texas that was fought over for well over a decade, and the fine was whittled down to a fraction of what the insurer was accused of overcharging its policyholders. The insurer admits no wrongdoing, pays what is arguably a pittance of the alleged money they stole back, supposedly agrees to discount rates to insureds for the next policy period or two, and, well, you have to wonder if the moral of the story is "crime pays".

JMHNLO

http://www.repairerdrivennews.com/2015/07/10/21-of-51-insurance-commissioners-have-work-for-insurance-industry-on-resume/