Liberty Mutual fined by state insurance regulators
The Maryland Insurance Administration fined Liberty Mutual companies $25,000 Thursday for failing to give customers proper notice of automobile insurance rate increases.
Boston-based Liberty Mutual Group refunded $450,000 to consumers as a result of the improper notices.
About 800 notices sent by Liberty Insurance Corp., Liberty Mutual Fire Insurance Company, and the First Liberty Insurance Corp., between November 15, 2007 and March 6, 2008, failed to identify the name of the automobile driver who contributed to the rate increase, which is required by Maryland law, state officials said.
Liberty officials could not be reached Thursday.
“This is an excellent example of what the MIA as a state regulator should be doing to protect consumers who may not have even known there was an error,” said Maryland Insurance Commissioner Ralph Tyler in a statement Thursday.
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Tags: Insurance