Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Erie Insurance Company and Erie Insurance Company of New York
Current Parent CompanyErie Indemnity
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $561,900
Year: 2021
Date: November 9, 2021
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Erie Insurance agreed to pay a $561,900 fine in settlement of allegations it failed to send notices of cancellation to the mortgage holders/lienholders upon the cancellation of the insureds'policies,failed to maintain proof of mailing of the notice of cancellation to the named insured; failed to forward to applicants the prescribed application for motor vehicle no-fault benefits within 5 days after receipt of notice of claim at the proper claim processing office; failed to send follow- up verification requests where original is not returned within 30 calendar days and; failed to pay or deny claims within 30 calendar days after receipt of proof of claim including all relevant verification requests. Respondents, for the time period 2010 to 2015, failed to properly calculate payments for loss of earnings from work; failed to send an explanation of benefit as required; failed to provide the insured a written explanation for delay of claim settlement for claim elements unresolved more than thirty days; failed to timely advise affected insureds of the right to be reimbursed for transportation expenses in the event of the theft of the entire vehicle; failed to notify its insureds in writing of the status of a physical damage claim that is subject to a deductible and a subrogation claim, within 120 days after the date of the claim payment; failed to report first and third-party property damage losses exceeding $2,500 to the designated central organization and the National Insurance Crime Bureau as appropriate in the time allotted; failed to send claimant a written acknowledgement of the claim within 15 business days of receipt of notice of claim; and failed to maintain a policy record for each insurance contract or policy for 6 years from the date the policy is no longer in force, or until after the filing of a report on examination, whichever is longer.
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: USA
HQ State of Current Parent: Pennsylvania
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)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.