January 17, 2017
Michael S. Pieciak, commissioner of the Department of Financial Regulation, announced today that MVP Health Insurance Co. has paid the state of Vermont an administrative penalty of $70,500 and reimbursed 470 Vermonters a total of $158,915 plus interest.
An investigation conducted by the department revealed that between October 2013 and October 2016 MVP had overcharged a number of its insured members for colorectal screenings and services associated with the screenings, such as removal of tissue, laboratory or physician services, facility services and anesthesia.
MVP has acknowledged the errors and has agreed to conduct an internal audit to ensure future compliance with Vermont laws.
Pieciak said he appreciated the cooperation the department received from MVP during the investigation and is pleased with the corrective measures the company has taken to adhere to Vermont insurance regulations.
"MVP has made commendable efforts to address the issues and correct its erroneous practices," he said, "I applaud the company's determination to prevent it from happening in the future. Good compliance is essential for consumer protection."
The administrative penalty will be paid to the state's general fund.
MVP, headquartered in Schenectady, N.Y., provides health and dental insurance for about 700,000 people nationwide and has approximately 1,600 employees.
Media Contact: Dale Schaft, Information Management Officer, 802-828-4872
Source: Department of Financial Regulation
Last Updated at: January 17, 2017 16:11:38