The California Department of Insurance has settled a noncompliance action against GeoVera Insurance Co. following a 2010 investigation into consumer complaints concerning GeoVera’s underwriting practices.
GeoVera will pay refunds to policyholders, in addition to a $235,000 fine, and take a number of corrective actions, as a result of the settlement.
CDI’s action alleged violations of the California Insurance Code, focusing on: improper delivery of renewal and cancellation notices; procedures for automatically charging renewal premium to policyholders’ credit cards; unfair processes for considering policyholder objections to public information; mid-term changes to coverage or property characteristics for policies; duplicative construction debit rating practices; and methodologies for processing refunds.
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