New York orders 11 health insurance companies to refund $114.5 million

Under New York state law, health insurance companies must spend 82 cents of every dollar collected in premiums on providing medical care. 11 health insurance companies in New York state are ordered to refund $114.5 million to 573,748 policyholders who were overcharged for premiums in 2010. Refunds have already been made to health insurance policyholders in the small group and individual, direct-pay market. The state's Department of Financial Services instructed insurers to make refunds to policyholders in the large group market by Dec. 15.

Source:Insure.com

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