Missouri Department of Insurance Reaches Settlement with Aflac
Targeted News Service |
State regulators have reached a settlement with one of the nation's most high-profile insurance companies. Under the agreement, American Family Life Assurance Company of
Insurance departments in
Suitability and overselling;
Sales of duplicate coverage;
Sales that are a replacement of existing coverage;
Policies containing waiting periods;
Advertising created by agents; and
Incentives, contests, prizes and awards given to agents selling
In addition to
Besides the market conduct exam, the
"Supplemental policies should never be seen as a substitute for comprehensive insurance, such as a major medical health plan," Huff said. "As with any type of insurance, we encourage
In market conduct exams and investigations, the department reviews insurance company practices regarding the treatment of policyholders. This includes the way premium rates are charged, the way insurers handle claims and other responsibilities under state law. These reviews can result in refunds for consumers, fines and corrections in business practices, as well as other remedies.
Since the beginning of 2009, market conduct enforcement actions have generated
Consumers with questions or complaints about supplemental insurance or any other type can call the Insurance Consumer Hotline at 800-726-7390 or visit insurance.mo.gov.
TNS 23SQ 120706-JF78-3941895 StaffFurigay
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