Sears fined for selling tire insurance without state approval

Insurance Commissioner Mike Kreidler disciplined and issued fines in December 2017 totaling $321,000 against insurance companies, agents and brokers who violated state insurance regulations.

Among them was Sears, which sold tire warranties without being registered with the state as an insurance provider.

Sears Holdings Corp., Hoffman Estates, Ill.; fined $95,000, order 17-0494

Sears illegally sold 53,717 tire warranties to Washington consumers from 2010 through May 2017. Its revenue from the policies was more than $2.2 million.

Sears has 90 days to request a hearing; if they do not then they have waived their rights and the final paperwork will be filed to impose the fine.