March 4, 2024
OLYMPIA, Wash. — Washington state Insurance Commissioner Mike Kreidler fined New York Life Insurance Company $46,328 (fortress.wa.gov) in January for failing to make sure its insurance producers were up to date on their training requirements.
Insurance agents are required to receive specific long-term care training and continuing education to ensure they have the knowledge to properly sell long-term care products. The legislature requires insurers to share in the responsibility through an annual education verification process.
New York Life Insurance failed to verify that 22 of its producers had received the requisite training before they were allowed to sell or negotiate the company’s long-term care insurance products in 2021 and 2022.
January & February fines and consent orders
The fine was part of $66,328 in fines Kreidler’s office issued in January and February of 2024 for violations of state insurance laws and regulations. The other fines included:
VSP Vision Care, Inc., Richmond, Va.; fined $5,000 (order 24-0002 (fortress.wa.gov)).
- VSP failed to file large group negotiated rates within the timeframe required by state law.
Continental Western Insurance Company, Urbandale, Iowa; fined $4,000 (order 24-0003 (fortress.wa.gov)).
- Continental Western used incorrect rating factors in its commercial package policies.
Kaiser Foundation Health Plan of Washington, Seattle, Wash.; fined $10,000 (order 23-0261 (fortress.wa.gov)).
- Kaiser fell victim to a security breach after an employee sent login information in response to a phishing email. The company was required to report the breach to the OIC two days after an analysis of the incident was completed, but did not report the breach until 11 days after the analysis.
Norcal Insurance Company, San Fransico, Calif.; fined $1,000 (order 23-0260 (fortress.wa.gov)).
- Norcal failed to renew 50 producer appointments within the required timeframe and did not update its legal name in two mobile apps.
About the Office
Kreidler’s office oversees Washington’s insurance industry to ensure that individuals, companies, agents and brokers follow state laws. Since 2001, Kreidler has assessed more than $40 million in fines, which are directed to the state’s general fund to pay for state services.
The Office of the Insurance Commissioner publishes disciplinary orders (fortress.wa.gov) against companies, agents and brokers. Consumers can also look up complaints against insurance companies.
For an insurance question or complaint, you may contact Kreidler’s consumer advocates online or by phone at 800-562-6900.