Cigna Healthcare of the Mid-Atlantic was fined $40,000 by Virginia insurance regulators after a market conduct examination found numerous violations of state laws and requirements.
As part of the settlement with the Virginia State Corporation Commission Bureau of Insurance, Cigna agreed to comply with a corrective action plan contained in a market conduct examination report March 31, 2008, according to SCC records.
The routine market conduct examination found evidence that the HMO failed to comply with requirements for processing interest on claims proceeds, with policy and form requirements and with agent licensing requirements, records show.
The examination also found the insurer failed to comply with requirements for HMOs, and failed to comply with minimum fair business standards in processing and payment of claims for health care services.
This article first appeared in Insurance & Financial Advisor.
Cigna Healthcare of Mid-Atlantic fined $40,000 in Virginia via IFAwebnews.com .
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