Jul 6, 201705:13 PMBlog

Walmart, others incur fines from insurance commish

Jul 6, 2017 - 05:13 PM

A pair of companies operating from the South Sound — and a big corporation operating statewide — has incurred discipline from the office of Insurance Commissioner Mike Kreidler for various violations.

Most notably, the Insurance Commissioner fined Walmart $20,000 after the retail giant sold tire warranties to Washington state consumers without being registered service contract provider, as required by Washington state law.

The warranties cost $10 per tire, and Walmart sold 112,561 warranties to Washington consumers from June 2014 until July 2016, for a total of $1.1 million. The insurance commissioner ordered the company to cease and desist selling warranties in January 2017. The company has stopped selling the warranties in Washington state until it becomes registered and agrees to pay premium tax on the warranties.

Lacey’s Eric Breding, a licensed insurance producer, was fined $2,000. Breding owns Bust You Out Bail Bonds, also a licensed entity. Breding’s business advertised multiple office locations throughout Washington state that were not licensed. He corrected the oversight and licensed his second office in Kelso. Additionally, he allowed an unlicensed producer to sell four bonds with total premiums of $3,160.

SoundPath Health, a health care service contractor in Federal Way, was fined $1,5000 after allowing 61 insurance producers whose appointments had lapsed to conduct 116 transactions totaling more than $58,680 in premiums. State law requires insurers to file a notice and pay a fee to the insurance commissioner for each licensed producer who will act as an agent of an insurer.

            

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