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State of New York fines 20 insurers and HMOs

Posted Aug 24 2010 11:17am

The entire listing can be viewed here.   These were fines for violating the Prompt Pay by Law and handed out by the Insurance Department during the year of 2009.  BD  image

Twenty health insurers and health maintenance organizations (HMOs) have been fined a total of $716,800 for not making timely payments on undisputed insurance claims.

The New York State Insurance Department said the insurers and HMOs violated the state’s Prompt Pay Law which requires the entities to pay undisputed insurance claims within 45 days of receipt. The Insurance Department said by agreeing to pay the fines, the companies have acknowledged failing to pay certain claims within the required time period. Insurers and HMOs have paid $9.1 million in fines for violating the Prompt Pay Law since 1998, when the law went into effect.

Read more: New York fines 20 insurers, HMOs - The Business Review (Albany)

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