State’s largest malpractice insurance firm fined

Filed under: Daily News | Tags:,

The Colorado Division of Insurance has fined COPIC Insurance, the state’s largest medical-malpractice insurance provider, $48,400 after an investigation into its business practices.

The division accused COPIC of “numerous” issues related to its long-term care insurance program, for alleged deficiencies in justifying its rates, certain application forms and for how it solicits money for its Political Action Committee.

However, the company has filed a lawsuit in a Denver District Court disputing some of the allegations.

COPIC paid the division the assessed fine of $44,000 plus a $4,400 surcharge on July 30. Although the penalty amount was not disputed, COPIC is challenging the findings of the examination report concerning the long-term care benefit and the agency order in court.