STATE AUDITOR JAMES BROWN INITIATES FIRST MARKET CONDUCT REVIEW OF BLUE CROSS AND BLUE SHIELD OF MONTANA IN MORE THAN A DECADE

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The following information was released by the Montana Commissioner of Securities and Insurance:

State Auditor James Brown initiated the first market conduct review of Blue Cross and Blue Shield of Montana (BCBSMT) in more than a decade. The review will evaluate the company’s compliance with applicable state laws and regulations.

As Montana’s Commissioner of Securities and Insurance, Brown is responsible for overseeing the state’s insurance industry, which includes examining the business practices of insurance companies and producers operating within Montana. These comprehensive examinations focus on company marketing, advertising, underwriting, rating, policyholder services, and claims practices.

Astonishingly, although BCBSMT is the largest health insurance company in Montana, the last market conduct review of the company by the Auditor’s office was finalized all the way back in February 2014. That review covered BCBSMT’s activities from July 2006 through December 2010.

“Regular and timely market conduct examinations are a key part of effective insurance regulation. We shouldn’t wait a decade between reviews of a company that insures hundreds of thousands of Montanans,” Auditor Brown said.

The opening of a market conduct review does not mean that the Auditor’s Office has determined any violation of law or regulation by BCBSMT. The review serves as an audit of company practices to ensure a fair and competitive insurance marketplace.

In keeping with Auditor Brown’s goal to protect Montana insurance consumers, the agency also recently performed mental health parity examinations of health insurance providers in Montana, including BCBSMT. The examinations assessed whether the companies’ plans treat mental health care equally to physical medical care, as is required by federal law. Once statutory timeframes for review and response are met, these examination reports will be available on the agency website, csimt.gov.

“My agency is tasked with protecting Montana consumers in the insurance space. These market conduct reviews are a critical part of ensuring that insurance companies are treating Montanans well and engaging in fair market practices,” Auditor Brown added.

Montanans can ask questions about their insurance coverage and/or file a complaint with the agency’s Insurance Consumer Service Bureau by calling 406-444-2040. Further resources and information about the work of the Auditor’s office is available online on the aforementioned agency website.

The post STATE AUDITOR JAMES BROWN INITIATES FIRST MARKET CONDUCT REVIEW OF BLUE CROSS AND BLUE SHIELD OF MONTANA IN MORE THAN A DECADE appeared first on Insurance News | InsuranceNewsNet.

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