Alberta auto insurer penalized

Edmonton, Alberta’s Superintendent of Insurance has issued a CD$15,000 penalty to Coseco General Insurance Company for failing to charge approved premiums for compulsory auto insurance, a violation of the Insurance Act.Administrative error resulted in some drivers being charged higher auto insurance premiums than allowed by the province’s maximum premium grid, according to a government press release. According to the release, 123 insurance policies were affected by the error, which resulted in 71 policyholders being overcharged about CD$16,400 in premiums between October 2004 and May 2006.”The penalty takes into consideration that the company notified the Office of the Superintendent of Insurance of the error and policyholders have been reimbursed for premium overpayments,” according to the release.