MEGA Will Provide Refunds
to Approximately 1,300 Small Businesses
From
the Bureau of Insurance:
April
8, 2011
Professional & Financial Regulation
- Insurance
Insurance
Superintendent Mila Kofman said Friday that MEGA
Life and Health Insurance Company will be
providing refunds plus interest to many of the
small businesses insured with the company in
Maine. The total refund due to Mainers is $364,000
plus $39,500 in interest.
The
refunds correct an error that was discovered by
MEGA during a review of MEGA's 2010 rate filing
(Docket No. INS-09-1002) with the Bureau. The
Company identified the system error and has
cooperated fully with the Maine Bureau of
Insurance to identify the customers affected, to
determine the amount overcharged, and to develop a
method for providing a refund that includes
interest.
Checks
including premium refund and interest will be
mailed in April to approximately 1,300 small
businesses in Maine. MEGA covers roughly 1,400
small businesses in the State. The refund and
interest amounts range from $5 to more than
$4,200, with the average of approximately
$300.
Consumers
who have questions should contact Maine's Bureau
of Insurance at 1-800-300-5000 or MEGA's Customer
Service Department at 1-800-527-5504.
See
the original announcement by following this
link
