Conseco Pays Up

Florida Insurance Commissioner Kevin McCarty has announced that the Office of Insurance Regulation (OIR) has received $466,000 as Florida’s share of a multi-state settlement agreement with Conseco Senior Health Insurance Co. and Bankers Life and Casualty Insurance Co., both subsidiaries of Conseco Inc., over alleged inappropriate business practices. The $466,000 was paid to the Florida Insurance Regulatory Trust Fund.

The 39-state examination focused largely on issues involving the companies’ long-term care insurance line of business. Specifically, the companies were targeted for review of their complaint-handling and claims-handling practices. Bankers Life also was reviewed for its marketing practices in all lines of business. Florida, along with Illinois, Indiana, Pennsylvania, and Texas were the lead states in coordinating and overseeing the examinations.