Insurance refund total of $2.75 million and a fine to be paid by insurer

Health Insurance Refund

A company based in Virginia will be issuing the payments on top of a $1 million fine after being caught overcharging. An insurer based in Virginia will be sending out an insurance refund that totals $2.5 million on top of a fine that will cost almost $1 million in order to settle the claims that have been made that indicate that it had been overcharging students in New York. Estimates are that there were approximately 22,000 students from 37 New York colleges that were overcharged. The insurance refund and fine…

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New York Attorney General institutes and inquiry into the operations of nine of the state’s life insurance companies

Nine life insurance companies in New York have come under regulatory scrutiny and will be subject to inquiry regarding the identification of deceased customers and their beneficiaries. The state Attorney General has issued subpoenas to the companies to determine whether they have issued appropriate payouts on the policies of clients that have passed away. Few companies have confirmed the reception of the subpoenas but the Attorney General claims that the recipients are among the leaders in the life insurance market. The inquiry is a result of a growing number of…

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