The Illinois Department of Insurance (DOI) has announced that it collected over $10.3 million in fines for improper market conduct in 2012. The Department said that the amount of fines collected has increased due to its greater enforcement efforts and participation in multi-state examinations. DOI collected $322,000 in fines in 2011, $217,000 in 2010 and $363,630 in 2009.<\/p>\n
The enforcement includes settlements announced in 2012 with Prudential Company of America and MetLife Inc., as well as a multi-state investigation of American International Group Inc. (AIG) and its workers\u2019 compensation affiliates for under-reporting of premiums. The state of Illinois received a settlement of $3.7 million from AIG.<\/p>\n
The AIG settlement was part of a multi-state effort that resulted in payments to state regulators across the country totaling $146.4 million. The amount included fines of $100 million and premium taxes and assessments of another $46.4 million. The 2008 investigation discovered (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Illinois Department of Insurance (DOI) has announced that it collected over $10.3 million in fines for improper market conduct in 2012. The Department said that the amount of fines collected has increased due to its greater enforcement efforts and…<\/span><\/p>\n