April 11, 2011
Insurance co. to refund 1,300 businesses
By The Mainebiz News Staff
Insurer MEGA Life and Health Co. will repay about 1,300 small businesses in Maine more than $360,000 in accidental overpayments.
Maine Bureau of Insurance Superintendent Mila Kofman said an error in MEGA's 2010 rate filing led the company to overcharge its business customers for insurance, according to the Maine Public Broadcasting Network. MEGA will refund $364,000 plus $39,500 in interest as part of the agreement reached with the bureau. Refund checks will be mailed this month to businesses that were affected by the overbilling.
The refunds range from $5 to more than $4,200, with the average refund being about $300.
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