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2 Insurers To Pay SD $750,000 After Probe Into Companies

Associated Press0

PIERRE, S.D. (AP) — South Dakota insurance regulators and two insurance groups have reached a settlement that will result in a $750,000 total penalty against the companies.

The state’s Division of Insurance on Wednesday announced the settlement with Farmers Insurance Group and Foremost Insurance Group.

The Insurance Division says an investigation found “various deficiencies in the companies’ practices that needed to be corrected.” The state didn’t provide the specific violations citing confidentiality reasons.

A report detailing the Insurance Division’s findings will be released in July.

State Insurance Director Larry Deiter says the insurers’ “past wrongs have or will be righted, and potential future harm to South Dakota consumers will be prevented.”

The two groups that will pay the penalty are members of the Farmers Insurance Group of Companies. A spokeswoman for the groups didn’t immediately return a call seeking comment.

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