Utah captive fined by Washington’s insurance commissioner
Washington insurance commissioner Mike Kreidler has issued a US$10,000 fine to Utah-based captive insurer Geoduck Insurance Group.
The fine was issued to the company for conducting insurance business in Washington state without being registered as a captive insurer between 2014 and 2021.
This was part of the commissioner issuing fines in November totalling US$305,694 against insurance companies and insurance producers who ‘violated state insurance laws and regulations’.
Other companies fined for operating unauthorised include Towers Administrators, based in Delaware, University of Wisconsin and Pennsylvania-based GBU Financial Life.
