DCBS Media ReleaseDecember 4, 2003 State fines Indiana company for insurance violationSALEM – The Department of Consumer & Business Services (DCBS) has fined an Indiana company $2,000 for violating the Oregon Insurance Code. United Home Life Insurance Co. of Indianapolis was fined for falsely certifying that an accidental death benefit policy it submitted for approval by the DCBS Insurance Division complied with Oregon insurance laws. Insurers must have most policy forms approved by the Insurance Division before using them in Oregon. Standards for various types of policies are posted on the division's Web site and insurers must certify that their policies comply with the applicable standards. United Home Life submitted an accidental death benefit policy for approval that would pay benefits only if the death occurred within 90 days after an accident. However, the company certified to the Insurance Division that benefits would be paid if the death occurred within 180 days after an accident, as required by Oregon law. The Insurance Division regulates insurance companies and agents doing business in Oregon. Copies of the division's enforcement actions are available on its Web site. |
