Violation Tracker Individual Record

Company: 
Zurich American Insurance Company
Current Parent Company: 
Zurich Insurance
Penalty: 
$4,560,000
Year: 
2013
Date: 
April 22, 2013
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

Zurich American Insurance Company agreed to refund $4.56 million to policyholders of its New York statutory disability insurance policies because the insurer failed to spend at least 60 percent of total premiums on claims, as required under law.

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 Parent: 
Switzerland
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.