Michigan Office of Financial and Insurance Services (OFIS) Commissioner Linda Watters recently entered into a settlement agreement with Ultimed HMO of Michigan (Ultimed) for reportedly failing to file required financial information in a timely manner.
The settlement required Ultimed to file outstanding quarterly statements, including required forms, its 2002 audited financial statement, and remit a $200,000 fine on or before March 12, 2004.
“I take my responsibility to ensure that every HMOs licensed in Michigan is financially sound and continues to serve its members, very seriously,” said Watters. “Every licensee knows that failure to submit quarterly financial information is a serious matter that could result in substantial sanctions.”
Ultimed submitted their quarterly and audited 2002 financial statement and a check for $200,000 on March 12, 2004.
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