Washington state insurance regulators have imposed a $63,000 fine on a Midwestern insurer.
The insurer, Mutual of Omaha Insurance Company, Omaha, Neb., cut its payments to the state’s high-risk health insurance pool by $61,715 and interest over 6 years by including loss ratios for 2 blocks of business that it administers with the loss ratios for its own Washington state customers, officials say.
The other companies were deemed not to be responsible for Mutual of Omaha’s reporting error, officials say.
Mutual of Omaha Insurance Company has signed a consent order, made its payments to the risk pool, paid the fine and corrected its reporting procedures, officials say.
A representative for Mutual of Omaha declined to comment on the fine.