South Dakota Adopts The $32.3 Million Dollar Settlement Agreement Of State Insurance Regulators Against Conseco For Long Term Care Violations
May 7, 2008A multi-state investigation has resulted in a multi-million dollar fine against long term care insurance giant, Conseco. The fine was imposed due to a pattern of consumer harm in Conseco’s long term care insurance practices. The settlement breaks down into a $2.3 million dollar fine with an additional $30 million to be spent by the company on claims handling improvements and restitution to policyholders with claims filed from Jan. 1, 2005 through April 30, 2007. Many of these claims were improperly denied or unreasonably delayed. Conseco has stopped actively writing new policies for long term care insurance.
