- 14,809
MEGA Life and Health Insurance Company to pay One Million Dollar Fine and $4.6M Restitution to Consumers plus Interest : Bureau of Insurance
"The Maine Bureau of Insurance and the Maine Attorney General have resolved concerns about MEGA Life and Health Insurance Company’s (MEGA Life) flawed method of determining premiums for individual health insurance policies, including payment of a $1,000,000 fine against the company. The $1,000,000 represents a civil penalty of $250,000 for the years 2004, 2005, 2006, and 2007, which represents the time that MEGA Life wrote individual health policies in Maine. MEGA Life is also required to refund $4.6 million in overpaid premiums, plus interest, to consumers.
“This is one of the largest fines and consumer restitution agreed to in Maine,” stated Maine Insurance Superintendent Mila Kofman. “The Bureau has a ‘zero’ tolerance policy for those choosing to skirt the law.”"
"The Maine Bureau of Insurance and the Maine Attorney General have resolved concerns about MEGA Life and Health Insurance Company’s (MEGA Life) flawed method of determining premiums for individual health insurance policies, including payment of a $1,000,000 fine against the company. The $1,000,000 represents a civil penalty of $250,000 for the years 2004, 2005, 2006, and 2007, which represents the time that MEGA Life wrote individual health policies in Maine. MEGA Life is also required to refund $4.6 million in overpaid premiums, plus interest, to consumers.
“This is one of the largest fines and consumer restitution agreed to in Maine,” stated Maine Insurance Superintendent Mila Kofman. “The Bureau has a ‘zero’ tolerance policy for those choosing to skirt the law.”"