Colorado’s Department of Regulatory Agencies Division of Insurance has fined Denver-based COPIC, one of the state’s largest medical professional liability insurers, following a market conduct examination.
According to the DOI, COPIC had “numerous issues” related to its long-term care insurance program; two issues related to appropriate justification and filing of rates and premium discount disclosures; and issues related to application forms and language related to “opt-out” contributions to its Political Action Committee.
COPIC has paid the DOI the assessed fine of $44,000 plus a $4,400 surcharge, but nevertheless is disputing the findings of the market conduct exam in Denver District Court.
“We have advised COPIC of issues discovered in the market conduct examination and they are aware of the changes they must make to comply with Colorado law,” said Mary Morrison, insurance commissioner. “It is the company’s right to dispute the findings of our examiners and the final agency orders, but we are hopeful the issues from the examination report will be resolved as quickly as possible.”
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