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Aetna fined by New York insurance departmentPosted On Mon, October 4, 2010
The New York State Insurance Department is cracking down on health insurance provider Aetna for failure to comply with the state's prompt pay requirements and improperly completing benefit forms.
The health insurance company has been fined $850,000 by the state insurance department, although Aetna is now striving to correct its wrongdoings. New York State Insurance Superintendent James Wrynn says that medical bills are difficult for many consumers to understand so it's critical that information is clearly stated.
Wrynn went on to say that "while the monetary penalty is reflective of the serious and systemic nature of Aetna's practices, I am encouraged by the company's level of commitment in addressing the Department's findings and working to improve its performance going forward."
This isn't the first time Wrynn has gone after health insurance companies. At the end of September, Wrynn told insurers they must give specific reasons to policyholders for premium hikes, rather than attribute costs to healthcare reform. Wrynn expressed the importance of the public having accurate information in a release issued last month, so that consumers can make their decisions accordingly.
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