According to the Texas Department of Insurance (TDI), Loya Insurance, Co. has been fined $300,000 for filing inaccurate information on the rates it charges customers and unfair and deceptive practices. TDI criticized the insurance company for running advertisements stating that coverage could be obtained with no fees or down payments.
According to the consent order, the insurance company no longer makes such claims in its advertising. TDI also complained that Loya did not follow appropriate underwriting guidelines for determining discounts for its customers. The company made it more difficult for its customers to receive lower premiums.
According to the order, Loya’s decision to pay the fine was based on its position “to settle all allegations against it and to avoid the expense and uncertainty of litigation.”
Loya declined to comment on the order, which said the company consented to the state’s terms “to settle all allegations against it and to avoid the expense and uncertainty of litigation.” Based on data from TDI, the insurance company is annually near the top of the list for complaints in the last several years. The complaints against Loya have included, denial of claims and liability disputes, delays in processing claims, and “lowball” offers and settlements. If you have experienced problems with your insurance company, complaints should be made to the Texas Department of Insurance and if that does not work consider consulting with an attorney.