An insurance business truism: insurance companies love to collect money, but they detest parting with it. And a prominent January settlement between the Missouri Department of Insurance and two insurance companies certainly backed up the truth behind the stereotype.<\/p>\n
State insurance regulators settled with EMCASCO Insurance Company and Employers Mutual Casualty Company after examiners found several violations pertaining to the processing of workers\u2019 compensation insurance. <\/p>\n
Allegedly, the firms failed to keep updated schedule-rating worksheets, to notify insureds properly for premium adjustment eligibility and to file large deductible policies individually. Most blatantly, they employed a schedule credit rating not approved for use in Missouri. <\/p>\n
Department of Insurance Director John M. Huff announced the terms of the settlement. The two companies will pay the State of Missouri $207,350, and policyholders will receive restitution of more than $14,000. They must come into compliance with Missouri\u2019s regulations and statutes. And both firms must (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" An insurance business truism: insurance companies love to collect money, but they detest parting with it. And a prominent January settlement between the Missouri Department of Insurance and two insurance companies certainly backed up the truth behind the stereotype. State…<\/span><\/p>\n