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Published April 26, 2012, 09:11 AM

North Dakota agency fines 2 insurance companies

BISMARCK, N.D. (AP) — North Dakota regulators have fined two mutual insurance companies $10,000 each for operating outside their authorized territories.

BISMARCK, N.D. (AP) — North Dakota regulators have fined two mutual insurance companies $10,000 each for operating outside their authorized territories.

State Insurance Commissioner Adam Hamm says his office fined West McLean Farmers Mutual Insurance Co. of Minot and Cando-based Family Mutual Insurance Co.

Under North Dakota law, a county mutual cannot insure property outside its authorized territory nor may it insure commercial property located within the limits of any incorporated city.

Both companies agreed to resolve their cases without a hearing.

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