Wednesday, October 10, 2007
North Richland Hills-based MEGA Life settles insurance case
The settlement includes a $100,000 fine.
NORTH RICHLAND HILLS The MEGA Life and Health Insurance Company, a subsidiary of HealthMarkets, a leading provider of affordable health and life insurance to the self-employed, individuals and small businesses, announced today that it had reached an agreement with the Delaware Department of Insurance resolving issues raised in connection with a market conduct examination.
“The company has proactively implemented and continues to implement a wide range of changes and improvements designed to enhance customer service, customer education and agent training,” said Michael Colliflower, Executive Vice President and General Counsel for HealthMarkets. “As a provider of health insurance to the residents of Delaware we are committed to adhering to all regulatory guidelines and to providing quality, affordable coverage to our customers.”
The settlement includes a $100,000 fine and the potential for payment of up to an additional $400,000 if MEGA fails to meet certain criteria agreed upon with the Delaware Department of Insurance.
Source: MEGA Life