Vt. Gov. Scott: Department of Financial Regulation Reaches $1.8 Million Settlement in Student Health Insurance Matter
Today the
Companion offered health insurance to over 2,500
"Consumer protection is at the core of our department's mission so I am pleased every student with an improperly denied claim will receive restitution under this settlement," said DFR Commissioner
In addition to the claims-payment deficiencies, DFR also found that Companion failed to accurately represent its policies in marketing materials, maintain appropriate records and procedures and supervise its business partners.
The
Under the settlement,
"This is an excellent example of DFR protecting Vermonters from illegal insurance company practices. We are eager to launch a special project to provide additional legal supports and education to
DFR Commissioner Pieciak and Deputy Commissioner
Restitution Information
Companion sold student health insurance to students attending
In addition to the 212 students already identified for restitution, Companion is also responsible for paying restitution for any improperly denied claims during academic years 2014/2015 and 2015/2016 not identified during DFR's investigation. The 212 students already identified should expect to receive contact from the
Students who purchased health insurance through these institutions during the relevant period and believe a medical claim may have been improperly denied should contact:
DFR Consumer Services by email at [email protected] or by phone at either 802-828-3302 or 800-964-1784; or
HCA Hotline by email at [email protected] or by phone at 800-917-7787.
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