State’s largest malpractice insurance firm fined
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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.
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