The Indiana Department of Insurance (IDOI) was the Managing Lead State for a market conduct examination of QBE Holdings, Inc. (QBE) that resulted in a settlement between QBE and 47 jurisdictions.
The exam resulted in findings that some Indiana consumers were being overcharged for force placed property insurance coverage (insurance placed by a lender who holds a mortgage on the property) from 2009 to 2014. As part of the multi-state market conduct settlement agreement with QBE, Indiana received $1,127,990.
IDOI is sending refunds for the claims received by Hoosiers for the overcharges. The average refund is $141 and approximately 6,400 valid claims were received and processed.
“The Department will continue to perform market conduct examinations of insurance companies licensed to do business in our state to ensure they are complying with the insurance laws intended to provide Indiana consumers with fair rates and fair claims practices,” said IDOI Commissioner Stephen W. Robertson.
QBE is the fifth refund project conducted by IDOI. Others included Ticor of Florida and Meridian Title for overcharges on title insurance, and American Modern and Assurant for overcharges of force placed property insurance. Refunds were successfully issued for those overcharges as well.