More premium money spent on care, report says
More than 80 percent of health insurance premiums collected by Colorado carriers went directly to the cost of providing health care, up from just under 77 percent in 2009. The report, issued by the Colorado Division of Insurance, is for calendar year 2010, and is an annual report that looks at the factors that drive [...]
The Colorado Division of Insurance fined First American Title $303,000 for violation of state insurance laws, after a market conduct exam. “Market conduct exams ensure that Colorado insurers abide by state insurance laws and regulations, and that consumers are protected,” said Commissioner of Insurance Jim Riesberg. The investigation, which covered First American’s policies in 2009, [...]
Continue reading …Consumer complaints to the Division of Insurance led to $11.7 million in recovered insurance benefits. In half the complaints filed with the division, insurance companies violated state laws regulations, or disregarded policy provisions. The division published its analysis of consumer complaints during the last fiscal year, a report that covers annuities, auto, health, homeowners, liability, [...]
Continue reading …The Colorado Division of Insurance will be keeping a closer eye on insurance companies and their ever-increasing proposals to raise premium levels. The division will use a $4 million, three-year federal grant to more accurately and efficiently review the rate increase proposals. Last year, insurance carriers in Colorado increased their rates on average of 9 [...]
Continue reading …An administrative law judge has fined a former Thornton man $1.2 million for violating Colorado insurance law, one of the largest in state history handed down to an insurance agent, according to the Division of Insurance. Salies Kwann Perry was also fined $4,678.47 in restitution for Bankers Life and Casualty Company. Perry is accused of [...]
Continue reading …Humana Insurance Company and Humana Health Plan have been fined $299,000 by the Colorado Division of Insurance. The division completed market conduct examinations of the two companies that found violations of Colorado insurance laws. The final orders resulted in fines totaling $184,000 for Human Insurance and $115,000 for Humana Health Plan. Both companies are licensed [...]
Continue reading …The Colorado Division of Insurance has launched a new program to aid new businesses with insurance needs. The “Guide to Insurance for Small Business’ provides an overview to many types of insurance so business consumers can have all the information needed at their fingertips. “Growth in small businesses is a critical element to Colorado’s economic [...]
Continue reading …Lexington National Insurance Corp. was fined $332,000 by the Colorado Division of Insurance for violations of Colorado law related to their bail bond business. The company is licensed to provide surety bonds in the state, but the division’s market conduct exam focused on its bail bond figures. Based upon figures reported to the division of [...]
Continue reading …John J. Postolowski has been named the state’s interim insurance commissioner, taking over for Marcy Morrison whose term ends Dec. 1. Postowlowski is current deputy commissioner of finance and administration at the division of insurance. He will serve until Gov-elect John Hickenlooper appoints a commissioner. Morrison has been commissioner since 2007 and has previously served [...]
Continue reading …Health premiums continue to rise, but the Divison of Insurance says reform measures have very little to do with those increases. Marcy Morrison, commissioner of insurance, said she decided to set the record straight to address rumors that premium increases were due to federal health care reform legislation. “It’s a hot issue for many people, [...]
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