Illinois Department of Insurance (DOI) Director Andrew Boron today announced that in their efforts to protect Illinois consumers in the calendar year 2012 the Department collected more than $10.3 million in market conduct fines. The increase in fines collected over the past several years is the results of DOI's more active participation and enforcement efforts in multi-state examinations.
The increase in DOIs enforcement efforts include previously announced settlements in 2012 with American International Group Inc., (AIG), MetLife Inc., and Prudential Insurance Company of America (Prudential). Along with the multistate investigation of AIG and several of its workers compensation affiliates that under-reported premiums and the Illinois settlements of $3.7 million from AIG.
The market conduct fines are deposited into the Insurance Administration Producers Fund and used towards the DOI appropriations.
- 2012 – $10,314,976
- 2011 – $322,000
- 2010 – $217,000
- 2009 – $363,630
Under an agreement the above companies are implementing business reforms for identifying and paying proceeds to beneficiaries of life insurance policies and annuities.