Business Services Industry
Late News; UnumProvident settles claims-handling probes.(insurance industry news)
Business Insurance, November, 2004
UnumProvident Corp. said it expects to pay $127 million in a global settlement stemming from states' investigations of its claims-handling practices. As part of its settlement with insurance regulators, the disability insurer will pay a $15 million fine, change its claims-handling practices and reassess potentially hundreds of thousands of claims closed or denied since 1997.
The settlement figure includes potential benefit adjustments related to the reassessment of claims. The settlement stems from market conduct examinations that allegedly uncovered several problems, including an inappropriate burden placed on claimants to justify benefit eligibility. UnumProvident notes that the examinations did not reveal any illegal activities. HSA contribution limits to...
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