Long gone are the days when we could watch the economy in other continents suffer while we sat immune.
WASHINGTON, Jan. 18 -- The National Association of Insurance Commissioners issued the following news release:
Members of the National Association of Insurance Commissioners (NAIC) today announced the successful conclusion of a settlement agreement between the states and UnitedHealthcare. The plan represents a progressive effort by regulators and UnitedHealthcare to prospectively address, on a multi-jurisdictional level, regulatory concerns related to performance on behalf of consumers and health care providers.
In 2007, the company reached a Regulatory Settlement Agreement with insurance regulators who oversee 26 entities owned by UnitedHealthcare in 41 jurisdictions to address past practices regarding timely payment of claims by the national health insurer. The company agreed to a plan that emphasized compliance, collaboration, innovation and continuous improvements that maximize performance for consumers and health care providers. The agreement included minimum standards against which UnitedHealthcare's performance would be measured in real time, escalating penalties for non-attainment, the payment of restitution when appropriate, and extensive assessment by an independent examiner. A final report concludes UnitedHealthcare has met all metrics and compliance benchmarks set out under the settlement agreement.
Lead regulators from Arkansas, Connecticut, Florida, Iowa, and New York identified areas of concern that crossed jurisdictional boundaries and monitored the benchmarks set out in the process improvement plan.
"The course of action was guided by the principles of our state-based system of insurance regulation and was intended to foster regulatory coordination and efficiency through a framework for overall and sustained improvement," said Susan E. Voss, Iowa Insurance Commissioner. "We are pleased to report a successful outcome and believe this is an important step toward quality improvement and regulatory compliance for UnitedHealthcare."
"By employing forward-looking methods to improve UnitedHealthcare's regulatory performance, members of the NAIC have successfully illustrated how state-based regulation can drive performance improvement for a national insurer," added Jim Donelon, NAIC President and Louisiana Insurance Commissioner. "This is a clear example of how multi-jurisdictional collaboration and innovation work to the benefit of all consumers."
Click HERE (http://www.naic.org/documents/united_healthcare_report.pdf) to view the final report.
TNS 61RiaMontes 130118-4172780 StaffFurigay