Monteith Insurance pays state fine over premium refunds

Monteith Insurance of Kennewick has agreed to pay a $1,000 fine to settle accusations from the state Office of the Insurance Commissioner that some premium refunds were not returned to customers in a timely manner.

The state agency said the settlement was reached after financial examiners told Monteith Insurance about the issue several times.

Mark Monteith said he agreed to the fine to settle the matter without incurring legal costs.

The main issue was a refund of $3,267 that Monteith Insurance held onto for five months. Monteith said the brokerage house it was working with did not identify the refund properly.

The state agency said Monteith Insurance’s accountant reported mistakenly thinking it was a commission payment.

Other examples included refunds of around $1 sent by check and left uncashed by customers and then written off, and a refund of about $300 that was delayed for about a month, Monteith said.