Life insurance policies that went unpaid in Minnesota lead to another settlement

Life Insurance Payment

Prudential has agreed to pay a penalty of $14 million to compensate for the payments it did not make. Following a Department of Commerce review of Prudential life insurance policies in Minnesota in which no claims had been made following the deaths of the policyholders and where no benefits had been paid out, the insurer has agreed to a settlement, this week. The settlement is reported to be for $14 million and was first announced in the middle of the week. Prudential and the state of Minnesota were able to…

Read More

Minnesota making significant progress on its health insurance exchange

Minnesota health insurance moves ahead with exchange system. Minnesota is making significant progress on establishing its health insurance exchange system. The state has determined that it will continue building an exchange despite the uncertain future of the Affordable Care Act. The federal health care law requires each state to build its own exchange by 2014 or risk losing control of the exchange effort to the federal government. Though the state is committed to building an exchange, the burden of the process falls on the Minnesota Department of Commerce instead of…

Read More

Government shutdown halts licensing activity from Minnesota Department of Insurance

Following the closure of the government in Minnesota on July 1, 2011, the state’s Department of Insurance announced that its licensing activities would be disrupted. As of the start of July, the shutdown of the state government – which has now occurred twice in six years – has led to a cessation of construction, a closure of state parks, and to the sending home of 22,000 state employees. The Minnesota Department of Commerce is responsible for the regulation of insurance within that state. It sent out a letter to insurance…

Read More