(New York, NY – Insurance News 360) – New York Financial Services Superintendent Maria T. Vullo announced punishment of QBE Insurance Corp., for issuing accident-only coverage to colleges and universities in New York. As of March 15, the company had ceased selling these policies, which did not comply with the Affordable Care Act or New York law.
“DFS will continue to vigorously enforce the insurance law and take action to protect all New Yorkers, including students attending college and other institutions of higher education, to ensure that they are receiving the insurance coverage they deserve in compliance with federal and state law,” said Superintendent Vullo. “DFS appreciates QBE’s cooperation in resolving this matter and taking remedial steps to correct these violations of law.”
The DFS investigation found that QBE unlawfully sold the accident-only coverage for the 2016-17 school year to 25 institutions of higher education, covering 99,937 students. The insurer also failed to issue certificates setting forth the essential features of the insurance coverage to each of the 99,937 students covered by the policies.
QBE is headquartered in Pennsylvania and licensed as a property and casualty insurance company in New York.
A copy of the consent order can be found here.
Source: New York State Department of Financial Services.