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Sentinel Insurance, Selective Insurance fined for overcharging NY policyholders

The New York State Department of Financial Services has fined Sentinel Insurance Co. and Selective Insurance companies a combined $700,000 for overcharging policyholders in the state.

The insurers have also agreed to return approximately $5.8 million to policyholders.

Sentinel Insurance charged a 2% fire fee rate on premiums instead of the statutory 1.25% rate between October 2009 and December 2015. The company agreed to give back $1.7 million to policyholders and pay a $150,000 fine.

Selective Insurance will return $4.1 million to policyholders for imposing unapproved rates between January 2003 and February 2016. It also paid a $550,000 fine.