Colorado insurance regulators fined a pair of Aetna insurance companies a total of $624,000 for violating a number of rules and regulations in 2008 following a routine review of the companies’ records, officials announced Friday.
The Colorado Division of Insurance issued fines totaling $294,000 against Aetna Health Inc. and $330,000 against Aetna Life Insurance Co. for violations such as missing key information on policy forms and failing to pay claims timely and accurately, Insurance Commissioner Marcy Morrison said. The fines were paid March 18.
Aetna’s life division also failed to offer coverage under state-mandated basic plans or denied plans to individuals whose coverage under small-group plans had ended.
Known as “market conduct examinations,” the reviews are designed to ensure companies are in compliance with state insurance laws. David Migoya, The Denver Post
