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May 16, 2008 at 12:54 PM
Connecticut insurance regulators have announced a settlement that will resolve an investigation of 2 sister companies that sell temporary medical insurance.
John Alden Life Insurance Company and Time Insurance Company, units of Assurant Health, Milwaukee, have accepted a consent agreement that calls for them to pay about $920,000 in restitution to insureds and $2.1 million in monetary penalties, according to the Connecticut Insurance Department.
The units also have agreed to tell the department about ways they will improve their operations in the future.
The Connecticut department says the units may have denied some short-term health insurance claims improperly and improperly rescinded some short-term health policies between 2000 and 2007.
