State Insurance Commissioner Mike Kreidler has disciplined and issued fines in December 2017 totaling $321,000 against insurance companies, agents and brokers who violated state insurance regulations.
The highest fine, $95,000, was levied against Sears Holdings Corp. for selling 53,717 tire warranties to Washington consumers from 2010 through May 2017 that reportedly ran afoul of state law. Its revenue from the policies was more than $2.2 million.
The second highest fine of $75,000 was levied against Sixt Rent-a-Car, SeaTac after the company let its insurance producer license lapse from February 2015 until July 2017. While lapsed, it sold 9,054 personal accident insurance policies and 24,320 supplemental liability insurance policies worth more than $615,475 in commissions to rental car customers. A portion of the fine, $30,000, was suspended as long as the company follows the terms of the order and commits no further violations for two years.
The Insurance Commissioner oversees Washington’s insurance industry to ensure that companies, agents and brokers follow state laws. Since 2001, Kreidler has assessed more than $23 million in fines, which are deposited in the state’s general fund to pay for other state services.