Jan 18 U.S. insurance regulators said they have
stopped monitoring the claims payment practices of
UnitedHealthcare, the nation's largest health carrier,
after concluding that the company had met all compliance
benchmarks set out under a 2007 settlement agreement.
The oversight began after chief insurance regulators from
Arkansas, Connecticut, Florida, Iowa, and New York identified
some areas of concern related to timely payment of claims by the
unit of UnitedHealth Group.
UnitedHealthcare representatives were not immediately
available for comment.
The insurer had agreed to pay over $14 million to the
National Association of Insurance Commissioners (NAIC), a
multi-state insurance regulatory body, in 2007 as an up front
monetary assessment to settle concerns raised over the company's
Under the settlement, the NAIC monitored UnitedHealthcare's
practices between 2008-2010 against certain performance
standards. The company could have been liable to penalties if it
had not met those measures.
In an 11-page report released Friday, the NAIC said
UnitedHealthcare had met or exceeded the benchmarks against
which its practices were measured, and no additional penalties
were assessed. ()
UnitedHealthcare will also employ an independent consultant
to assist the company in the maintenance and continued
improvement of its claim payment process, the agency said.