COPIC Insurance Fined for Market Conduct Violations by Division of Insurance
DENVER, Aug. 4 -- The Colorado Department of Regulatory Agencies' Division of Insurance issued the following news release:
DORA's Colorado Division of Insurance has completed a market conduct examination of COPIC, a licensed and state-regulated insurance company based in Denver. COPIC provides medical professional liability insurance to the health care community, including physicians and health care facilities such as ambulatory surgery centers.
Items addressed in the examination report, which was released to the company July 2, include:
. Numerous issues related to COPIC's long-term care insurance program;
. Two issues related to appropriate justification and filing of rates, and premium discount disclosures;
. Issues related to COPIC's application forms, including language related to future "opt-out" contributions to COPIC's Political Action Committee; and
. Timely reporting of medical malpractice settlements or judgments to the Board of Medical Examiners.
COPIC paid the Division the assessed fine of $44,000 plus a $4,400 surcharge on July 30. Although the penalty amount was not disputed, COPIC has disputed the findings of the market conduct examination report and Final Agency Order (FAO) in Denver District Court.
"We have advised COPIC of issues discovered in the market conduct examination and they are aware of changes they must make to comply with Colorado law," said Marcy Morrison, Commissioner of Insurance for Colorado. "It is the company's right to dispute the findings of our examiners and the final agency orders, but we are hopeful the issues from the examination report will be resolved as quickly as possible."
The Market Conduction Examination and FAO for COPIC can be viewed on the Division of Insurance website at: http://www.dora.state.co.us/insurance/mcexam/MarketRegChron.htm
TNS cp--JF78-100808-2947433 StaffFurigay
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