Insurer Pays Nearly $6 Million In Penalties
|Targeted News Service|
"This is a win for
The products covered under the settlement include group and blanket limited benefit plans, supplemental accident and disability policies, and accident and disability coverage provided with travel insurance policies.
A number of improper practices and violations were cited by insurance regulators, including delays and errors in processing claims, product limitations not explained clearly, failure to use properly licensed people to sell insurance products, and failure to fulfill and administer policies after sale, among others. As a result of these violations, CDI participated in a multi-state insurance regulators investigation and enforcement action against NUFIC.
The settlement agreement (http://www.insurance.ca.gov/0400-news/0100-press-releases/2013/upload/Chartis-RSA-9-19-12-2.pdf) includes a required two-year monitoring period with an implementation audit performed by insurance regulators and a series of other audits and reports by the insurance company to ensure compliance. The agreement includes provisions for an additional
TNS 23SQ 130112-4165180 StaffFurigay
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