Mercury Slapped With $27.5M Fine Over Improper Premiums
<p>Law360, Los Angeles (January 12, 2015, 6:33 PM ET) -- California’s insurance commissioner has ordered Mercury Insurance Co. to pay a fine of $27.5 million for charging customers excessive premiums in violation of a state law regulating insurance rates, the commissioner’s office said Monday.</p>
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Insurance Commissioner Dave Jones on Jan. 7 adopted the recommendation of the fine by an administrative law judge who found Mercury willfully violated Proposition 103, which requires the commissioner to approve auto insurers’ rates.</p>
