We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Hartford Life Must Reduce Premiums, Issue Credits Totaling $24 Million

    April 22, 2012 by Elizabeth Festa

    By Elizabeth Festa

    April 19, 2012 •

    Hartford Life Insurance Co. agreed to issue credits totaling $24 million to about 30,000 customers of accidental death and dismemberment services, Benjamin Lawsky, superintendent of the New York Department of Financial Services announced today.

    The company will provide premium credits to currently insured individuals in the form of a 35% discount for 36 months and also agreed to reduce premium rates for existing and new enrollees by 45%.These aggregate credits will equal $24 million, so the action does not result in a payout.

    At issue is the medical loss ratio (MLR) threshold required under New York law. 

    Hartford will issue the credits because it didn’t comply with the 60% MLR required under New York law for plans such as the company’s accidental death and dismemberment (ADD) coverage, according to the DFS.

    The period in question predates Lawsky’s stewardship. A review conducted by the New York State Insurance Department for the period January, 2007 through December, 2010, revealed that The Hartford did not achieve the 60% loss ratio as provided in 11 NYCRR 59.5(b), according to the stipulation.

    “Hartford reported the lower than required MLR to the Department of Financial Services (DFS) and has submitted a corrective action plan,” the Superintendent stated.

    The DFS said that Hartford had failed to meet the 60% level because it overestimated the amount of money that would be spent to pay claims when the policies were priced by the insurer. This actuarial miscalculation can of course go both ways. 

    The policies in question were sold via telemarketing and other forms of mass marketing targeted to members of associations and customers of banks and other financial institutions.

    “We worked closely with the New York Department of Financial Services throughout the review to determine an appropriate corrective action. We are pleased the matter is resolved,” The Hartford said in a statement.

    Hartford chose to resolve the matter with a stipulation and plan rather than a hearing.

    The Patient Protection and Affordable Care Act (PPACA) covers  the MLR in comprehensive health care plans, of which The Hartford’s ADD coverage is not included. It is considered long term care.

    Separately, but still with regard to Lawsky’s scrutiny of premium rates, the New York DFS said in February it was stepping up its examination of health insurance premium rates, saying it has launched a broad probe into the accuracy of the data used by insurers and health maintenance organizations to request rate increases.

    Insurers will not know beforehand whether their proposals will be the subject of an audit, Lawsky stated.

    Data regarding claims, insurer administrative expenses, premiums and claims reserves will be examined. The Department will hire a private accounting firm to assist DFS personnel in conducting the audits.

    The audit is being financed through a $4.4 million grant won by the DFS in September from the U.S. Department of Health and Human Services.

    Originally Posted at LifeHealthPro on April 19, 2012 by Elizabeth Festa.

    Categories: Industry Articles
    currency