Bankers Life and Casualty Co. has agreed to pay $3.2 million fine to several states after it was determined that the insurer did not follow through on recommendations made to it back in 2007.
The original regulatory examination centered on non-compliance issues related to Bankers’ annuity, long-term care and life insurance lines of business. The review, according to a statement from the Pennsylvania Department of Insurance, found continued problems regarding oversight of changes to applications as well as inappropriate denials of maximum benefit claims and lack of timely claims investigations and claims settlements.
“Consumer protection and ensuring insurance company compliance is a regulator’s primary responsibility,” Pennsylvania Insurance Commissioner Michael Consedine said in a statement. “Our re-examination determined that Bankers failed to comply with a number of recommendations from a prior exam report.”