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Violation Tracker Individual Record

Company: Arch Insurance Company
Current Parent CompanyArch Capital
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $5,000,000
Year: 2019
Date: January 10, 2019
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: The Department of Financial Services fined Arch Insurance Company $1 million and National Union Fire Insurance Company $1.2 million and ordered the insurers to provide a combined $8 million in retroactive rebates for violations of New York Insurance Law following an investigation that found both insurers failed to satisfy required minimum loss ratio standards in blanket accident and health insurance policies issued to hundreds of New York volunteer firefighter districts, departments and companies. The announcement did not indicate how much each company would pay in rebates. Here we assume the total was equally divided between them.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: Bermuda
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data(click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.