Acadia Insurance Company

Order
Monday, October 4, 2010
Docket No. 10-027-1

Nature of the Proceedings:

Stipulation and Consent Order
 
Violation:
 
Adjusting certain third party property damage claims, in which liability had been accepted by offering and/or paying a settlement amount net of depreciation when the settlement amount should have been the cost of repair or replacement. This method of adjusting constituted an unfair claim settlement practice in violation of 8 V.S.A. § 4723 by reason of 8 V.S.A 4724 (9)(F). (Vermont Insurance Trade Practices Act)
 
Action taken:
 
Administrative penalty payment of $10,000.00.
 
Payment of the Department’s costs of $4,470.61
 
AttachmentSize
Order-10-027-I165.47 KB

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