Michigan Office of Financial and Insurance Services (OFIS) Commissioner Linda Watters said that two insurance companies that failed to submit information requested through an auto insurance data call by March 15, 2004 now face compliance penalties that could include a suspension of their ability to write insurance in Michigan. OFIS issued a non-compliance letter to the two companies outlining the enforcement actions and penalties OFIS may employ.
“I have been very clear that this information is essential to our analysis of why Michigan auto insurance rates are so high,” said Watters. “Insurers will comply with the request or face penalties.”
The companies who have reportedly failed to meet the deadline are Great Lakes Casualty Insurance Company and One Beacon Insurance Company.
Enforcement actions range from monetary penalties to revocation of the company’s certificate of authority.