|
|
|
|
October 19, 2006
Auto insurer issued penalty for overcharging premiums
Edmonton... The Superintendent of Insurance has issued a $15,000 penalty to Coseco General Insurance Company for failing to charge approved premiums for compulsory auto insurance, a violation of the Insurance Act.
Administrative error resulted in some drivers being charged higher auto insurance premiums than allowed by the province's maximum premium grid. One hundred and twenty-three insurance policies were affected, resulting in 71 policyholders being overcharged about $16,400 in premiums between October 2004 and May 2006.
The penalty takes into consideration that the company notified the Office of the Superintendent of Insurance of the error and policyholders have been reimbursed for premium overpayments.
Coseco policyholders with questions should contact their local Coseco insurance agent.
Consumers with questions or concerns about their auto insurance are welcome to contact the Office of the Superintendent of Insurance at ([780] 422-1592, for toll-free access, dial 310-0000 then [780] 422-1592), or the Alberta Insurance Council (Edmonton: [780] 421-4148; Calgary: [403] 233-2929). Additional information is also available at
- 30 -
Media enquiries may be directed to:
Marie Iwanow
Director of Communications
Alberta Finance
Ph: (780) 427-5364
To call toll-free within Alberta dial 310-0000.
Copyright(c); 2006 Government of Alberta