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
ThinkAdvisor

Life Health > Health Insurance > Health Insurance

Golden State Carrier To Restore Coverage

X
Your article was successfully shared with the contacts you provided.

The California Department of Insurance has persuaded another health insurer to return rescinded policies to the former policyholders.

Anthem Blue Cross Life and Health Insurance Company, a unit of WellPoint Inc., Indianapolis, has agreed to offer new health coverage to about 2,300 consumers whose policies were rescinded between Jan. 1, 2004 and Dec. 31, 2008.

Anthem Blue also will reimburse the consumers for about $14 million in out-of-pocket medical expenses and pay a $1 million fine, officials say.

California regulators have announced a series of settlements in recent years in connection with efforts to review health insurers’ decisions to rescind policies issued to consumers who ended up filing large claims.

Anthem Blue has issued a statement welcoming the settlement agreement.

“We will be contacting consumers over the course of the next 90 days,” says Leslie Margolin, president of Anthem Blue. “At that time, we will provide them with the necessary information on how to participate in this settlement.”


NOT FOR REPRINT

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