Captive fined by Washington Insurance Commissioner

A captive insurer in Salt Lake City, Utah, was fined by Washington’s Insurance Commissioner Mike Kreidler in November.

Geoduck Insurance Group was fined $10,000 for conducting insurance business in Washington state between 2014 and 2021 without being registered as a captive insurer.

The fine was just one of a number of fines issued by Kreidler totalling $305,694 against insurance companies and insurance producers who violated state insurance laws and regulations.

Since 2001, Kreidler has assessed more than $39 million in fines, which are directed to the state’s general fund to pay for state services.

Some of the other entities fined in November included: UnitedHealthcare of Oregon, Towers Administrators, GBU Financial, and Nationwide Life and Annuity Insurance Company, Columbus, Ohio.