Insurance company in North Dakota fined $60,000 for several violations

North Dakota Health Insurance

Blue Cross Blue Shield must pay the penalty for claims handling issues and other payments failures. Blue Cross Blue Shield of North Dakota recently agreed to pay a number of different fines that will come to a total of about $60,000, for having made several “systemic” violations that were discovered by regulators during an examination of the insurance company. The violations have occurred in a range of different areas including the handling of claims. Among the violations that were found within the examination of the insurance company were the claims…

Read More

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…

Read More

Combined Insurance Co. of America receives $8.7 million fine for regulatory breaches

Non-life insurance company, Combined Insurance Co. of America has received fines totaling $8.7 million in the United Kingdom and Ireland due to a number of regulatory breaches. The insurer sells its products via agents affiliated with the company, and is required to pay a fine of $4.36 million to the Central Bank of Ireland through its Combined Insurance Co. of Europe Ltd. division. Separately, the company received a fine worth $4.34 million from the U.K. Financial Services Authority as a result of a failure to manage its selling processes, as…

Read More