Bankers Life and Casualty Company

Type of Entity

Corporation

Business Management

Contact Information

Business Category

LONG TERM CARE INSURANCE COMPANIES SENIOR INSURANCE AGENCIES DISABILITY INSURANCE AGENCIES INSURANCE COMPANIES MEDICAL INSURANCE AGENCIES INSURANCE AGENCY INSURANCE COMPANIES ACCIDENT HEALTH INSURANCE AGENCIES HEALTH INSURANCE COMPANIES LIFE INSURANCE COMPANIES

Government Action

As of March 30, 2008, Bankers Life and Casualty Company with Conseco Senior Health Insurance Company entered into a Regulatory Settlement Agreement with the Commissioner of the Florida Office of Insurance Regulation, the Director of the Illinois Division of Insurance, the Commissioner of the Indiana Department of Insurance, the Commissioner of the Pennsylvania Insurance Department, and the Commissioner of the Texas Department of Insurance, and each of the remaining states and the District of Columbia that agree to adopt the agreement. According to a North Carolina Department of Insurance news release, the settlement, which arose after regulators uncovered a pattern BBB Definition: pattern - More than 2 complaints involving the same allegations usually within 12 months that are significant in relation to the company's size and volume of business. of problems with the company Conseco, Inc., resulted in a $2.3 million fine and an additional $30 million in claims-handling improvements and restitution. The settlement involves Bankers Life and Casualty Company, as well as Conseco Senior Health Insurance Company, two Conseco subsidiaries, and covers claims filed from January 1, 2005 through April 30, 2007. Consumers who filed a claim with either of these two companies which was later denied may be eligible for a review and reversal of that denial. Policyholders should call Conseco at 1-866-452-6589. Regulators found that: -Investigations of pending claims were not handled in a timely manner; -Claim files were not properly documented or maintained; and -Timeframes for company responses to claimants did not adhere to applicable regulations. According to the terms of the settlement, Conseco Senior Health Insurance Company, which is not actively writing new policies, will automatically review 1,112 claims that were initially denied; it will provide notices to another 18,000 policyholders covering 49,000 claims that may have been partially denied or subsequently denied after initial payment; and will set up a toll-free call center for all claimants who believe their claim settlement was not handled properly. The multi-state investigation found that the primary problems in most cases were delays in claim payments rather than outright claim denials. In the case of Bankers Life and Casualty Insurance Company, which is writing new policies, the investigation uncovered inadequate marketing and sales compliance issues. This multi-state examination was coordinated with the National Association of Insurance Commissioners' (NAIC) market analysis working group and was conducted on behalf of more than 40 participating states.