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NY fines QBE for issuing impermissible accident-only policies to institutions

The New York Department of Financial Services has fined QBE Insurance Corp. $750,000, for unlawfully selling accident-only coverage to 25 institutions of higher education in 2016 and 2017, which covered 99,937 students.

The company also failed to issue certificates setting forth the essential features of the insurance coverage to each of the 99,937 students covered by the policies. The company has already ceased such sales to colleges and universities.