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STATE OF MAINE
DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
BUREAU OF INSURANCE

IN RE:

MEGA LIFE AND HEALTH
INSURANCE COMPANY RATES FOR
INDIVIDUAL HEALTH PLANS

Docket No. INS-07-1010

 

AMENDMENT TO AGREED SETTLEMENT
AND CONSENT ORDER

This document is an Amendment to an Agreed Settlement and Consent Order, Docket No. INS-07-1010, entered into by and among The MEGA Life and Health Insurance Company (“MEGA Life”), the Bureau of Insurance Advocacy Panel (“Advocacy Panel”), the State of Maine Attorney General (“Attorney General”), and approved and accepted by the State of Maine Superintendent of Insurance (the “Superintendent”). The Agreed Settlement and Consent Order was fully executed and effective on April 3, 2008.

1. Paragraph 24 of the Agreed Settlement and Consent Order reads:

Each of the undersigned signatories hereto agrees that this Agreed Settlement and Consent Order may be modified only by the written consent of all of the undersigned signatories hereto.

2. Paragraph 7 of the Agreed Settlement and Consent Order reads:

In September, 2005, MEGA Life filed with the Superintendent revised rates for its individual health insurance plans, which rates were accepted and allowed to become effective January 1, 2006. The effect of the revised rates was to decrease them in the aggregate by approximately 12.3%.

3. Based upon information received subsequent to the execution of the Agreed Settlement and Consent Order, and as the signatories to the original Agreed Settlement and Consent Order, MEGA Life, the Advocacy Panel, the Attorney General, and the Superintendent hereby agree to the modification of Paragraph 7 as set forth herein and further agree that the language set forth below shall be and hereby does replace the language of Paragraph 7 contained in the original Agreed Settlement and Consent Order. Paragraph 7 is hereby amended to read:

MEGA Life represents that in September, 2005, MEGA Life filed with the Superintendent revised rates for its individual health insurance plans, which rates were accepted and allowed to become effective January 1, 2006. MEGA Life represents that the intended effect of the revised rates was to decrease them in the aggregate by approximately 12.3%. MEGA Life represents that due to implementation errors on the part of MEGA Life, the actual effect of the revised rates was to decrease them in the aggregate by approximately 7.5%.

4. MEGA Life, the Superintendent, the Advocacy Panel, and the Attorney General agree to a modification of the Agreed Settlement and Consent Order as set forth in this Amendment. The Agreed Settlement and Consent Order shall remain in full force and effect without change except as modified by this Amendment.

5. MEGA Life understands and acknowledges that this Amendment to the Agreed Settlement and Consent Order will constitute a public record within the meaning of 1 M.R.S.A. § 402, and will be available for public inspection and copying as provided for by 1 M.R.S.A. § 408, and will be reported to the NAIC “RIRS” database.

6. Each of the undersigned signatories hereto agrees that this Amendment to the Agreed Settlement and Consent Order may be modified only by the written consent of all of the undersigned signatories hereto.

 

Entered Into By:

The MEGA Life and Health Insurance Company
Bureau of Insurance Advocacy Panel
State of Maine, Attorney General
State of Maine, Superintendent of Insurance

[Separate Signature Pages Follow]


Dated: May , 2008

The MEGA Life and Health Insurance Company

By:

______________________________________

______________________________________
(printed name)

Its:

______________________________________

 

 

State of Maine, Kennebec, ss.
Subscribed and Sworn to before me
this ___ day of May, 2008.

____________________________
Notary Public

 

BUREAU OF INSURANCE ADVOCACY PANEL

 

Dated: May , 2008

By:

________________________________________
Thomas C. Sturtevant, Jr.
Assistant Attorney General

 

STATE OF MAINE, ATTORNEY GENERAL

 

Dated: May , 2008 By:

________________________________
Assistant Attorney General

____________________________
(printed name)

STATE OF MAINE, SUPERINTENDENT OF INSURANCE

 

Effective Date: May 27, 2008

By:

________________________________________
Mila Kofman
Superintendent of Insurance

 


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Last Updated: October 22, 2013