States Receive Shares of $20M HealthMarkets / MEGA Life Settlement
The multi-state HealthMarkets settlement was announced in July 2008 in which the company and its affiliated companies, MEGA Life and Health Insurance Company, Mid-West National Life Insurance Company and Chesapeake Life Insurance Company agreed to pay $20 million for bad faith practices across the nation. So, how did the states share in the $20 million?
Who got what?
According to information we obtained from the Washington Insurance Commissioner’s office, 48 states plus Guam and Puerto Rico received a portion of the $20 million settlement. Only Massachusetts and Delaware did not participate. The states who received the highest amounts were:
Texas $2,420,427 California $2,122,438 Florida $1,848,983 Washington $1,228,509 Indiana $953,001
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The complete list
Here is the complete list of how each state shared in the $20 million:
Alabama $185,933 Alaska $89,317 Arizona $418,363 Arkansas $194,368 California $2,122,438 Colorado $684,001 Connecticut $261,721 Delaware 0 D.C. $128,767 Florida $1,848,983 Georgia $516,806 Hawaii $4,554 Idaho $229,399 Illinois $953,001 Indiana $483,243 Iowa $111,530 Kansas $266,695 Kentucky $105,626 Louisiana $218,997 Maine $253,760 Maryland $288,025 Massachusetts 0 Michigan $447,301 Minnesota $63,722 Mississippi $376,145 Missouri $251,469 Montana $98,630 Nebraska $78,176 Nevada $176,317 New Hampshire $237,828 New Jersey $113,001 New Mexico $149,969 New York $56,045 North Carolina $774,666 North Dakota $5,503 Ohio $569,310 Oklahoma $327,396 Oregon $371,069 Pennsylvania $707,217 Rhode Island $200,257 South Carolina $372,911 South Dakota $17,970 Tennessee $464,422 Texas $2,420,427 Utah $139,779 Vermont $6,012 Virginia $355,138 Washington $1,228,509 West Virginia $100,207 Wisconsin $433,442 Wyoming $90,276
Guam $8 Puerto Rico $1,353
Not off the hook yet…
The insurers are not off the hook yet. In fact, they may be on the line for an additional $10 million if they don’t improve in the following areas by the end of 2009:
- Claims handling
- Complaints and grievances
- Agent training and oversight
- Identification of company
- Transparency of the companies’ relationship with associations
- Establishing and maintaining a compliance program
- Cancellation, non-renewal and discontinuance notices
If HealthMarkets or one of its affiliated companies has treated you in bad faith, contact an experienced bad faith insurance attorney to discuss your situation. Consultations are free, without obligation and strictly confidential. To contact an attorney, please click here.
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