Wash. fines insurance company Aetna $1 million
OLYMPIA, Wash. (AP) - Aetna Life Insurance Company has agreed to pay a $1 million fine for violations in Washington state.
The Washington state Office of the Insurance Commissioner said Thursday that Aetna's violations included issuing unapproved insurance policies and failing to file legally required documents. The office says the Connecticut-based company has agreed to pay the fine.
Aetna said in a statement that it sometimes makes mistakes. The company says it self-reported information to Washington state regulators and proposed a corrective action plan more than a year ago. Aetna says it is disappointed by the size of the fine given the company's self-reporting and cooperation.
Copyright 2012 The Associated Press.
Insurance companies should be audited every year.
In the old days there would not have been such a heafty fine. In the days when our insurance rates were low. All that happens to make that 1 million dollars back is to pass it onto the consumers by raising rates. Maybe someday we will stop this and realize mistakes happen and a heafty penilty for someone admitting fault is not a good thing for our society.
A million bucks is just a drop in the bucket for Aetna.
They're probably really overjoyed at the fine.
There's yet another good reason to raise prices on their customers.
Â
Thanks state of Washington.
@Mipsfer  Afaid your right.