State’s largest malpractice insurance firm fined

Tweet

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.

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.