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Thu March 29, 2012
Michigan halts health policy sales by New York-based insurer
A New York-based insurance company that allowed unlicensed agents to sell health plans in Michigan has been suspended.
American Medical and Life Insurance Company marketed the limited health plans to customers with specific illnesses, such as cancer. About 2,500 policies were sold in Michigan.
"They're not typically required to provide the same level of coverage, so they cover fewer types of medical expenses than a comprehensive policy," says Michigan’s Office of Financial and Insurance Regulation spokesman Jason Moon.
"They will also most likely have higher deductibles and other co-payments than a typical comprehensive plan."
Moon says the policies are still valid, but American Medical and Life Insurance Company may not continue doing business in Michigan while the investigation continues.
The insurance company has already settled with five other states and could face civil fines in Michigan.