Insurance Dept. Fines Travelers $1.2M, Ace $250,000

The Texas Department of Insurance levied a $1.2 million fine against subsidiaries of Travelers and ordered the carriers to pay restitution to policyholders for issuing unapproved workers' compensation endorsement forms, using unapproved terrorism rates and incorrectly calculating premium costs, according to the department's latest quarterly discipline report. The Insurance Department levied the fine against The Travelers Indemnity Co. of Connecticut, The Travelers Indemnity Co., Farmington Casualty Co., The Charter Oak Fire Insurance Co., The Standard Fire Insurance Co., The Travelers...