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Vermont Health CO-OP fails state insurance standards

Dale Schaft, Information Management Officer, 802-828-4872
Wed, 05/22/2013

 

MONTPELIER – Susan L. Donegan, commissioner of the Vermont Department of Financial Regulation, announced today that the Vermont Health CO-OP has failed to meet Vermont’s insurance standards and has been denied a license to sell health insurance in Vermont. The Vermont Health CO-OP (consumer operated and oriented plan) is a non-profit organization funded by loans from the federal government, which submitted an application to be licensed as a mutual member-owned health insurance company.

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The Department of Financial Regulation is a state agency that touches the lives of every Vermonter through the regulation and monitoring of a broad spectrum of financial services activities. The chief regulator of the Department is Commissioner Susan L. Donegan.

The Department’s job is to protect consumers against unfair and unlawful business practices in the areas of banking, securities (investments) and insurance, while ensuring that licensed entities are financially healthy. The ongoing work of the Department on behalf of Vermonters helps consumers access financial services with confidence that:

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  • Regulated entities operate in a financially sound manner.

Preliminary Rate Filings for Vermont Health Connect

Vermont Health Connect is the marketplace for individuals, families, and small businesses to compare and purchase qualified private health insurance plans, determine eligibility for and enroll in public health insurance plans, and access tax credits and financial assistance. In October 2013, Vermont Health Connect will open for Vermonters to enroll in health coverage that will take effect in January 2014.

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Health Insurers Annual Reports

Health Insurers Annual Reports as mandated by the Legislature are now available here. These reports include statistics regarding claims, appeals, marketing and advertising expenses, lobbying and legal expenses and political contibutions as well as other financial data.

AttachmentSize
Blue Cross Blue Shield of Vermont S200 Report296.4 KB
MVP S200 Report319.34 KB
The Vermont Health Plan S200 Report324.68 KB
CIGNA S200 Report499.92 KB
CIGNA S200 Report Amended160.34 KB