3 units of Aetna pay $850,000 fine to NY
Three Aetna Inc. companies have collectively paid an $850,000 fine to New York State insurance regulators to settle charges of incomplete disclosures on explanation of benefit forms and violations of the state's prompt-payment requirements.
In June, the New York State Insurance Department said a market-conduct examination of the subsidiaries -- Aetna Health Inc., Aetna Health Insurance Company of New York and Aetna Life Insurance Co. -- showed violations of state insurance laws and regulations, including utilization-review programs but the department hadn't yet determined a fine (BestWire, June 22, 2010).
The exam covered a review of how the companies fulfilled their contractual obligations to policyholders and claimants and covered the period of March 1, 2001, through Dec. 31, 2005.
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