LAWSUITS NEWS & LEGAL INFORMATION
Insurance Premium Overcharges
Portland, ME: (Apr-04-08) State regulators brought charges against MEGA Life and Health Insurance Co., a unit of specialty insurer HealthMarkets, alleging that the unit overcharged customers in Maine from 2004 to 2007. The company is a division of North Richland Hills-based HealthMarkets, formerly known as UICI, which sells individual health insurance policies throughout Maine, primarily low cost insurance plans with limited benefits to self-employed people and their families.
As part of a settlement agreement entered into by both sides, sources stated that MEGA agreed to pay a $1 million fine and $4.6 million in restitution to customers to resolve the allegations. HealthMarkets executives indicated the agreement was the result of mediated negotiations with state regulators, and will ensure that the company functions in compliance with Maine's rules. The deal is said to affect almost 10,000 policies. [STAR-TELEGRAM: UNIT OF INSURER PAYS MILLIONS]
Published on Apr-7-08
As part of a settlement agreement entered into by both sides, sources stated that MEGA agreed to pay a $1 million fine and $4.6 million in restitution to customers to resolve the allegations. HealthMarkets executives indicated the agreement was the result of mediated negotiations with state regulators, and will ensure that the company functions in compliance with Maine's rules. The deal is said to affect almost 10,000 policies. [
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