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Conseco reaches agreement with US insurance regulators

Conseco, the holding company of a group of insurance businesses, has announced a settlement among state insurance regulators and two of its insurance subsidiaries: Conseco Senior Health Insurance and Bankers Life and Casualty.

The settlement concludes a multi-state market conduct examination led by Pennsylvania, Illinois, Indiana, Texas and Florida related to long-term care claims practices and procedures, complaint handling, and sales and marketing practices.

Under the agreement, Conseco will pay a fine of up to $2.3 million, with an additional $10 million if it fails to meet the process improvement benchmarks over the next two-and-a-half years. Conseco will review certain claims from 2005-2007 and provide up to $4 million of remediation.

Jim Prieur, CEO of Conseco, said: Conseco encouraged and fully supported this exam, especially in light of industry policymakers’ focus on senior marketplace issues relating to long-term care and spiraling healthcare costs. As we expected, after an extensive review the examiners did not find that Conseco had engaged in a practice of improper claims denials.