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In
this issue: Health Net Settles Suits Over Canceled Policies
Insurer Health Net will pay up to $14 million to settle lawsuits on behalf of 800 policyholders whose coverage was rescinded after they filed expensive medical claims. Under the settlement, policyholders whose coverage was canceled since 2004 will be eligible for payments averaging $7,836. The settlement also requires Health Net to reimburse policyholders for medical expenses incurred after their coverage was canceled. Lisa Girion, LA Times 02/12/2009
FDA Warns of Drug-Laced Supplements
Dozens of dietary supplements marketed as natural weight-loss aids contained undisclosed and potentially dangerous drugs, according to an ongoing investigation by the Food and Drug Administration. The FDA says many of the supplements, primarily imported from China, may contain bumetanide, a drug known to have se rious side effects. Thus far, the FDA has recalled 69 weight-loss supplements because of unlisted ingredients. Natasha Singer, The New York Times 02/09/2009
Insurer's Bookkeeping in Question
A report by Allstate has some questioning whether the insurer’s bookkeeping practices could hurt investors and policyholders in the long run, the Washington Post reports. According to the newspaper, accounting changes provided year-end boosts of $347 million and $365 million, respectively, to company coffers. Such accounting practices could muddy the waters for those trying asses the company’s financial strength, the newspaper says. David S. Hilzenrath, The Washington Post 02/06/2009
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