Company to pay $81,000 in restitution to Vt. customers
MONTPELIER - The state Department of Financial Regulation announced Tuesday that The Hartford Financial Services Group will pay more than $81,000 in restitution to Vermont customers whose auto insurance claims were not evaluated properly.
An investigation by the department determined that The Hartford had inaccurately calculated the value of total vehicle losses for 77 claims between January 2009 and September 2011. In response, The Hartford has agreed to implement new policies and procedures as well as mandatory training for all employees who handle Vermont claims.
Commissioner Steve Kimbell said he was pleased with the corrective actions the company agreed to take.
"It is always gratifying when a company acknowledges erroneous practices and strives to make improvements," Kimbell said.
The department said it will conduct a follow-up examination in about a year.