Ohio Department of Insurance Director Mary Jo Hudson has suspended the business of Chesapeake Life Insurance Company (Chesapeake) in Ohio for failure to file premium rates and forms for open enrollment coverage in accordance with and within the time period required by Ohio law.
“Ohio law required that all companies writing individual coverage in Ohio make open enrollment coverage available to people with pre-existing health conditions at premium rates limited by law beginning January 1, 2010. Chesapeake has failed to meet this legal requirement,” said Hudson in an announcement released by the insurance department.
“Failure to comply with this law is a serious infraction, and, in this case, could create an unfair advantage for Chesapeake Insurance that could potentially cause harm to consumers, other insurers and the insurance marketplace as a whole,” she said.
During the suspension period, Chesapeake may not solicit, issue or otherwise write any new or renewal policies or contracts of insurance. Chesapeake is also required to continue to service any existing policies or contracts of insurance issued to persons residing in Ohio.
Source: Ohio Department of Insurance, http://www.insurance.ohio.gov/
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