BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Units of American International Group Inc. and Arch Capital Group Ltd. will refund $8 million in premiums to hundreds of New York volunteer firefighter companies and pay a combined $2.2 million in fines after violating state insurance law, according to a New York Department of Financial Services statement issued Thursday.
Separate DFS investigations found the insurers failed to comply with required minimum loss ratio standards in blanket accident and health insurance policies issued to hundreds of New York volunteer firefighter districts, departments and companies between 2011 and 2017, the statement said.
Under New York insurance law, premiums must be reasonable in relation to claims paid under an insurance policy.
Maria Vullo, superintendent of the New York DFS, said in the statement the compliance failures “directly resulted in New York volunteer firefighter companies paying insurance premiums for coverage that did not bear a reasonable relationship to the benefits provided under the policies.”
New York-based Arch Insurance Co. will refund $5.3 million in premiums to more than 600 companies and pay a fine of $1 million to DFS, according to the order. Arch will also report claims data to DFS for the next five years.
AIG unit New York-based National Union Fire Insurance Co. of Pittsburgh, Pa. was ordered to return almost $3 million in premiums to about 400 companies and pay a $1.2 million fine. It will also report blanket accident and health policy premium and claims data to DFS for the next five years.
An Arch spokesman said the company was happy to have resolved the matter and “remains committed to serving the needs of New York firefighter companies.”
An AIG spokesman declined to comment on the order.