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Life Health > Life Insurance

Regulators File Complaint Against Former Executive

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The Missouri Department of Insurance says the former head of an insurance company there may have misused his company’s health expense reimbursement system.

The department has filed a complaint seeking to discipline Joseph E. Warden, who was chief executive officer of Capital Reserve Life Insurance Company, Jefferson City, Mo., from 1999 to September 2005.

The department alleges that Warden, a New Albany, Ohio, resident, and his wife sought and received reimbursement from Capital Reserve Life for $571,176.36 in medical and dental expenses through a program that provided reimbursement for out-of-pocket medical expenses.

The hospital that was said to have provided the care described in the claims was unable to substantiate many of the charges, officials allege.

Warden, a great-grandson of Capital Reserve Life founder Samuel Payne, has a Missouri insurance producer license. Missouri insurance regulators are trying to take disciplinary action against Warden’s producer license, officials say.

Warden was not immediately available to comment on the Missouri department’s allegations.


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