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Insurers fined $167,000, will refund $470,000

Insurance Commissioner Mike Kreidler has imposed $701,000 in fines, and ordered almost $470,000 in refunds so far in 2011.

The largest fine, $534,000, was  imposed in January against six Chubb & Co. subsidiaries for failing to document rate adjustments.

The biggest refund, $415,299, will go to customers of Progressive American Insurance Co., Progressive Northwestern Insurance Co., and Progressive Max Insurance Co. The companies were also fined $30,000.

Aetna Life Insurance Co, has been fined $65,000, and will refund $16,427 to policy holders who submitted claims for acupuncture treatment.

 Fines and refunds were also imposed on Ace American Insurance Co., Homesite Insurance Co., and Austin Mutual Insurance Co.


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