Insurance Agent Forum

[healthagent]

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.”"

[Expat]

Again. It makes you wonder if Mega Life is a reputable company

[URDRWHO]

I'm amazed that they've managed to keep doing the same stuff year after year.

[LGilmore]

Because quite simply there a sucker born every minute. While we're on top of this stuff the general public really isn't. This is one of those buy and pray coverages that a person buys and hopes they never need it. Unfortuantely you only find out if a company is bad if you use it. So mega has alot of money to pay fines.

It's sorta like the pinto lawyers figuring death claims vs. redesign costs.

[InsuranceBenefitsGroup]

I love it!! I wish the other 46 states they sell in would follow suit.

$47M fine, $216M in restitution! That would be sooooooo sweet! Then maybe Blackstone would quit them like a bad habit.

[keyesmccain]

That sounds really sweet of Maine. Wish we had more states doing that.

[Soaringagent]

Wow, that's amazing!

[senior-advisor-indiana]

That is incredible!!

[GreenSky]

It's amazing AND incredible.

Rick

[beatuplunchbox]

I had a friend come by that finally had the good sense to leave them. On his way out of their office he pocketed one of their pep-rally DVDs called "Unleash you Potential"

It was absolutely hillarious!

It had Troy McQuage looking like the great televangelist type he is, cut in with sequences of "Gone in 60 Seconds" and "Mission Impossible" and a bunch of manager types stage diving at some convention they had.

If the general public could see that they would laugh their agents out of their house.