These documents are not legal documents but are placed here for reference purposes only. For a legal copy please contact the department.

CUNA Mutual Insurance Society

Market Conduct
Saturday, October 20, 2007
Docket No. 07-068-I

Note: Please see printer-friendly version for Exhibit A.

 

IN THE MATTER OF: Multi-State Agreement with respect to CUNA Mutual Insurance Society NAIC Company Number 62626

CONSENT ORDER

This Consent Order is hereby issued by the State of Vermont Department of Banking, Insurance, Securities and Health Care Administration ("the Department") in resolution of the matter referenced above.

FINDINGS OF FACT

1. Respondent CUNA Mutual Insurance Society (CMIS) is a licensed insurance company authorized to transact life and health insurance in the State of Vermont.

2. The State of New Jersey (the Lead State) completed a market conduct examination of CMIS which examination was concluded with the issuance on May 16, 2007 of the adopted market conduct examination report and which examination included a review of the company's single premium insurance refund and oversight practices.

3. As a result of the examination the Lead State found that some of the company's authorized producers mistakenly administered single premium insurance refund and that the company's oversight practices did not fully comply with applicable insurance laws and regulations.

4. As affecting this State, the Vermont Department of Banking, Insurance, Securities and Health Care Administration has jurisdiction over the subject matter of this Order and the Respondent.

5. A proposed settlement has been presented to the Department, the terms of which are set forth in New Jersey Consent Order No. 07-43, dated May 30, 2007 which has been executed by CMIS and the New Jersey Department of Banking and Insurance, a copy of which is attached hereto as Exhibit A

6. Upon review of the New Jersey Consent Order, it is found that it is a fair and proper disposition of the matters addressed therein.

Order

NOW, THEREFORE, IT IS on this 20th day of August, 2007 ORDERED AND AGREED that the New Jersey Consent Order No. 07-43, dated May 30, 2007 attached hereto as Exhibit A, incorporated herein by reference is hereby approved; and

IT IS FURTHER ORDERED AND AGREED that the provisions of this Consent Order represent a final decision of the Vermont Department of Banking, Insurance, Securities and Health Care Administration and constitutes a final resolution of the matters addressed herein and in Exhibit A; and

IT IS FURTHER ORDERED AND AGREED that the Respondent will initiate compliance with all terms and conditions of the New Jersey Consent Order as incorporated herein.