NY officials say insurers to repay seniors $2.2M
New York regulators say 4 insurers to make $2.2 million restitution to 3,475 seniors
ALBANY, N.Y. (AP) -- New York regulators say four insurers will pay $2.2 million in restitution to 3,475 seniors across the state because of overcharges on their policies.
The Department of Financial Services says the refunds are for Medicare supplemental insurance and average $624 per policyholder.
Distribution will begin on Sept. 30.
The department says its investigation showed the companies failed to comply with New York's requirement they spend most premiums on medical bills instead of administrative expenses or profits, with requirements ranging from 65 to 80 percent.
The requirement for nonprofits is 80 percent.
The insurers are American Progressive Life and Health Insurance Co. of New York in White Plains, Excellus Health Plan in Rochester, First United American Life Insurance Co. in Liverpool and Transamerica Financial Life Insurance Co. in Harrison.
