Consumer watchdog to fine 10 insurers accused of multiple infractions

Tuesday, May 31, 2011

Venezuelan consumer watchdog Indepabis will fine 10 insurers for alleged multiple infractions, state-run news agency AVN reported.

The most common infractions that the insurance companies are accused of are failing to honor contractual conditions and to provide adequate customer service, discriminatory treatment and excessive increases in premium rates, as well as false advertising and misleading information, according to the report.

"These fines should teach the companies to respect the economic and social rights of Venezuelan families," said Indepabis president Augusto Montiel.

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The 10 companies are: the local unit of Spain's Mapfre, Mercantil Seguros, Seguros Ávila, Sanitas, Transseguros, Seguros Caracas, Seguros BanValor, Suma, Multinacional de Seguros and Seguros Constitución.

The report did not say how much the insurers will be fined.