High Court Backs Regulator's Fine in Comp Insurer Dispute

The Montana Supreme Court has upheld a $75,000 fine against Victory Insurance Co., reinforcing state regulators’ authority to require insurers and managing general agents to produce records in a specific format during compliance investigations. In a unanimous decision Tuesday in Victory Insurance Co. v. State Auditor, the court sided with the Montana Commissioner of Securities and Insurance in a dispute over Victory’s role as MGA for Clear Spring Property and Casualty Co.’s workers' compensation business in the state. At issue was whether Victory complied with Montana I...