1340 AM, Tuesday, October 7th, 2008
Conseco To Pay Fine
Last updated on Thursday, April 05, 2007
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(CARMEL) - Conseco has been assessed a $750,000 dollar fine by the Iowa Insurance Division.
Conseco has agreed to pay the fine, with the stipulation that the exact cause of the infraction be kept secret. Conseco is also able to deny any wrongdoing in the case.
The final report of the state's examination of Conseco's dealings will not be released under terms of the agreement. A lawsuit is pending against Conseco in California stemming from the company's decision to get rid of a program which helps lower the cost of maintaining a life insurance policy.
As many as 1,000 Iowa policyholders could also be covered under a preliminary $400-million dollar settlement.
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