State fines insurer $90,000

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Time Insurance Co., which does business under the name of Assurant Health, has been fined $90,000 for violations of state insurance laws.

A market conduct examination performed by the Colorado Division of Insurance found the following violations for calendar year 2007:

  • Failure to maintain required records.
  • Failure to include a required disclosure regarding portability of prior coverage in its marketing and application materials for short term medical policies.
  • Failure in some instances to pay, deny or settle claims within the time frames required by law.
  • Failure in some instances to accurately track the number of days required to adjudicate claims.
  • Failure to accurately display the actual name of the company on claims information and explanation of benefits statements.

The company paid the fine July 10.

Copies of this and other market conduct examination reports and final agency orders are available at www.dora.state.co.us/insurance/mcexam/mcexam.htm