New York fines 20 insurers $716,800 for ‘prompt pay’ violations
New York insurance regulators clamped down on 20 health insurers and HMOs operating in the state by fining them a total of $716,800 for failing to promptly pay claims.
The New York State Insurance Department said the violations of New York’s Prompt Pay Law stemmed from complaint files that were closed by the agency between Oct.1, 2008, and Sept. 30, 2009.
New York’s Prompt Pay Law requires health insurers and HMOs to pay undisputed health insurance claims within 45 days of receipt, ensuring timely payment. By
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