April 4, 2008
MEGA Life fined $1M
The Maine Bureau of Insurance and the Maine Attorney General fined MEGA Life and Health Insurance Company of Texas $1 million for charging clients in Maine too much for health insurance, according to a press release.
"Based on the evidence presented, MEGA Life's rates were determined to be excessive under Maine law," said Maine Insurance Superintendent Mila Kofman in the press release. The $1 million fine includes a $250,000 civil penalty for 2004-2007, the years MEGA overcharged policyholders.
MEGA has 30 days from the date of the recent decision to notify the Bureau of Insurance of the method it will use to reimburse policyholders. The settlement involves approximately 9,830 policies issued from Jan. 1, 2004 thought Dec. 31, 2007.
"Based on the evidence presented, MEGA Life's rates were determined to be excessive under Maine law," said Maine Insurance Superintendent Mila Kofman in the press release. The $1 million fine includes a $250,000 civil penalty for 2004-2007, the years MEGA overcharged policyholders.
MEGA has 30 days from the date of the recent decision to notify the Bureau of Insurance of the method it will use to reimburse policyholders. The settlement involves approximately 9,830 policies issued from Jan. 1, 2004 thought Dec. 31, 2007.
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