Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance

Industry players settle lawsuits

Your article was successfully shared with the contacts you provided.

Two Assurant health insurers, John Alden Life Insurance Company and Time Insurance Company, are required to implement a corrective action plan to remedy alleged violations of Connecticut short-term health insurance regulations. In addition to the plan, the companies are to pay approximately $920,000 in restitution and $2.1 million in penalties.

A multi-state market conduct examination against two Conseco Inc. subsidiaries, led by Pennsylvania, Illinois, Indiana, Texas and Florida, ended with a settlement requiring the companies to pay up to $2.3 million in penalties and up to $4 million in restitution. Conseco Senior Health Insurance and Bankers Life and Casualty Company will have two and a half years to improve benchmarks; if they fail to do so, they will be required to pay another $10 million.

As part of a plan implemented in 2007, and under the observation of the lead states, Conseco is moving several long-term care administrative functions to the Long-Term Care Group Inc. to help improve CSHI service and investing $26 million on system enhancements.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.