(Olympia, WA – Insurance News 360) – On March 22, Coordinated Care Corp, known as Coordinated Care, was fined by the Washington Office of the Insurance Commissioner, for approximately $100,000, after the organization failed to follow a compliance plan agreed to on Dec. 15, 2017. THe plan was in regard to problems with its provider network and other issues.

The company was originally ordered to stop selling individuals health plans in the state after they did not maintain an adequate network of medical providers – they were originally fined $1.5 million, with $1 million suspended if they had no violations in 2018 and 2019.

In particular, Coordinated Care admitted to not having enough anesthesiologists in King, Snohomish, Pierce and Spokane counties. The company’s own data showed that the provider network was seriously deficient in other categories of providers, including immunology, dermatology and rheumatology.

With the consent order in place, the order instructing the company to stop all sales was canceled. But, in the past three months, the organization has not met all of its milestones to fix problems. In particular, the state says Coordinated Care has failed to meet deadlines laid out in the compliance plan; it has submitted provider contracts with illegal arbitration clauses; and it has failed to meet state requirements that prove the adequacy of provider networks.

The OIC remains committed to working with Coordinated Care to correct its outstanding issues and will continue weekly discussions with the company to review its progress. If the company continues to violate the compliance plan it agreed to, some or all of the remaining $900,000 fine may be imposed.

Source: Office of the Insurance Commissioner, Washington State.

(Jersey City, N.J. – Insurance News 360) – More than 40 states and U.S. territories have implemented the cyber insurance program offered by ISO. The program includes a variety of coverage options to assist insurers in protecting customers in the growing and diverse cyber market.

Verisk estimates that commercial cyber liability premiums will reach $6.2 billion in coverage by 2020, with 20-30 percent take up rates each year.

“Cyber risk is changing at a rapid pace, leaving many insurers without the tools they need to serve the growing market,” said Maroun Mourad, president of commercial lines at ISO. “Our rating plan features unprecedented levels of detail in primary and excess pricing information, and our flexible coverage solutions can help insurers protect businesses from cyber risk in a timely, insightful, and operationally efficient manner.”

The program uses 17 variables to calculate advisory loss costs, and was created using data from more than 32,000 cases. ISO offers options for organizations of all sizes including  small and medium-sized businesses, large commercial enterprises, government and nonprofit organizations, and financial services and media companies.

“Cyber insurance needs can vary significantly by both the industry and the size of the business,” said Prashant Pai, vice president of cyber offerings at Verisk. “The program we’ve introduced provides insurers with versatile tools to help meet the wide range of companies in the marketplace.”

To learn more about ISO’s new cyber program, visit the ISO Cyber Risk Solutions website at www.verisk.com/cyber.

Source: Verisk.