June 4, 2008
Insurance company refunds Mainers $5.6M
MEGA Life, a health insurance company based in Texas, will refund $5.6 million in overpaid premiums to Mainers, according to the Maine Bureau of Insurance.
The Bureau of Insurance in April fined MEGA Life $1 million for using a flawed method to determine premiums for individual policies, and gave the company 30 days to come up with a method to issue the refunds, according to the release. MEGA Life will be issuing refund checks immediately to Maine policyholders who were overcharged for their health insurance policy premiums, according to a press release.
The Bureau of Insurance in April fined MEGA Life $1 million for using a flawed method to determine premiums for individual policies, and gave the company 30 days to come up with a method to issue the refunds, according to the release. MEGA Life will be issuing refund checks immediately to Maine policyholders who were overcharged for their health insurance policy premiums, according to a press release.
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