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November 8, 2010
Today, we were notified that the Office of the Washington State Insurance Commissioner has suspended six Chubb subsidiaries from writing new business/clients in the State of Washington for nine months. Please click here to review the notice from the Insurance Commissioner’s office. The order is effective November 18th, 2010.
The suspension is based upon a Washington State Department of Insurance audit that found Chubb had not properly followed their Washington State Insurance filings when it came to documenting why they (Chubb) provided credits to certain policy holders. As an admitted insurance carrier in the State of Washington, Chubb is required to file specific rating plans that then need to have full documentation associated with the use of these discretionary credits.
This suspension does not affect any current insurance program you have with Chubb. Chubb has the ability to appeal the decision. We do not know at this time whether Chubb will pursue an appeal or not.
If you have any questions, please contact your Account Executive.