Podcast Center
Video Center
Webcasts
Resource Center
Events
April 04, 2008 at 10:34 AM
HealthMarkets Inc. says a health insurance subsidiary will be paying refunds to customers in Maine because loss ratios have been below the minimum required level.
MEGA Life and Health Insurance Company, a unit of HealthMarkets, North Richland Hills, Texas, will be sending the refunds to Maine residents who bought MEGA coverage since the company began selling the affected policies in the state in 2004, HealthMarkets says.
Maine requires issuers of individual health policies in the state to set rates in such a way that claims equal or exceed 65% of premium revenue.
Officials at the Maine Bureau of Insurance have accused MEGA of charging inflated rates.
