North Dakota Fines Crop Insurance Agency, Orders Credits to Farmers

North Dakota Insurance Commissioner Adam Hamm has fined an insurance firm that sold crop insurance in that state and ordered restitution to farmers.  The North Dakota Insurance Department announced the multi-layered disciplinary action against The Climate Corporation a/k/a The Climate Insurance Agency (formerly known as Weatherbill), a licensed business insurance entity that sold crop insurance products in the state from 2011 to 2014. The commissioner’s consent order requires a total of $738,106 be credited to approximately 150 farmer customers in the form of premium return and premium waivers. Farmers will receive $485,948 to return previously paid premiums and any that still owe premium will be given waivers totaling $252,158. Additionally, the company must pay a $150,000 fine.