Insurance professionals could help avert trauma, pain and remorse by helping clients construct a Plan B should they carry debt.
OLYMPIA, Wash., Dec. 27 -- The Washington state Office of the Insurance Commissioner issued the following news release:
A Connecticut insurance company has been fined $1 million by Washington State Insurance Commissioner Mike Kreidler for multiple violations over several years.
Aetna Life Insurance Company has agreed to pay the fine. The violations include issuing unapproved insurance policies, failing to file legally-required documents with the state and charging unapproved rates.
"All insurers must comply with state law, and most of them do," said Kreidler. "I hope that this fine and compliance plan resolves these problems with Aetna."
Among the violations:
Starting in 2005, Aetna issued health, disability or life insurance policies to more than 4,400 people that did not comply with state law. Among the violations:
The policies had not been filed for approval with Washington state.
Also starting in 2005, the company issued health policies that did not include all Washington state health care mandates. Nor did they describe Washington's appeals and grievance process, as required by law.
For more than three years, Aetna continued to sell a health policy that had been disapproved.
Starting in 2009, Aetna issued other health, disability and life policies that had not been filed with the state. Some of those health policies that did not include all Washington state mandates. Nor did the company have an approved appeals and grievance process for those plans.
In 2010 and 2011, Aetna issued medical and dental plans for more than 100 Nordstrom retirees that had not been approved by Kreidler's office, as required by law.
The company has also agreed to a compliance plan designed to prevent similar problems in the future.
Fines issued by Kreidler's office do not go to the insurance commissioner's office. The money collected goes to the state's general fund.
tns gv51gv 121227-4152301 61GemaViana