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.