Edmonton, Alberta – Alberta’s superintendent of insurance has aimed a number of hefty fines against 16 Alberta auto insurance companies for overcharging customers, according to a report from CBC.
More than $1.5 million in fines were issued to, among others, the TD Bank Group, which includes Primmum Insurance, Security National Insurance Company and TD Home and Auto Insurance, who received $885,000 in fines, the largest share of the penalty.
The TD Bank Group attributes the overcharging to a system error that affected customers’ policies and that “all impacted current and past customers” have already been reimbursed with interest.
“We regret the inconvenience this may have caused some of our customers and have taken all measures to correct our system to ensure customers have the right coverage that fits their specific needs and circumstances,” TD Bank Group said in a statement.
Intact Insurance received the second-largest fine at $165,000.
The Ministry of Treasury Board and Finance issued a statement to reassure Albertan drivers: “Alberta’s government is serious about protecting Albertans and continues to maintain a regulatory environment that supports the fair treatment of consumers and integrity of the industry.”
