Insurance Commish Michael Chaney issued the following statement.
The Mississippi Insurance Department (MID) has issued a Cease and Desist Order to Salvasen Holdings and parent company Triada Assurance Holdings, LLC. The insurance agency has violated Mississippi law by marketing and selling health insurance without having an insurance license. Additionally, Salvasen Holdings marketed insurance plans falsely, claiming they were major medical policies when they were in fact limited plans.
“MID received a complaint from a customer who thought they bought a major medical health insurance plan from Salvasen Holdings,” Commissioner of Insurance Mike Chaney said. “Salvasen failed to pay claims under that policy, which turned out to be a limited plan.”
Other states have also sanctioned Salvasen Holdings – including Texas and Michigan. The issue is still under investigation by the MID. Pending a final decision by Comm. Chaney, Salvasen Holdings may not collect or receive premiums or conduct any new or existing business.
Anyone with questions about this may contact the Investigations Division at MID by calling601-359-3569.
11 comments:
Insurance companies have a license to steal.
If only there was a solution to the whole health insurance scam.
Hold On! Where's the 'low hanging fruit' guy?
1:38 - Put the gin bottle down. Did you mean Whole-Life?
@4:21
No, 1:38 is correct and health insurance is a scam. You pay a monthly premium to the insurance company only to have a co-pay at the doctor’s office and you might still receive a bill for uncovered expenses. But if you negotiate cash payment. Then you can actually pay less than just your monthly insurance premium. They give you a serious discount for up-front money and for them not having to deal with filing the paperwork. Health insurance is a scam. It’s worse now that they must accept people with pre-existing conditions. I would rather just pay my healthcare care provider and cut out the office building full of salty, ignorant paper pushers.
Right on 5:40 - But not all of us have that kind of walkin' around cash in our pockets. Maybe you can cough up the cost for a discectomy or a trip to the ER which includes a six hour stay, multiple blood drawings and a CT scan. Thank goodness I did not have to. I also carry auto, boat, trailer and home insurance.
Insurance coverage is not so much about 'paying for a building full of salty, ignorant paper pushers' as it is about paying unanticipated and exorbitant costs.
@2:50 am
You are comparing apples to oranges when you compare heath insurance to your auto insurance. I know exactly what my premiums and my deductible will be with my auto insurance. That is never the case with health insurance. Also, you can’t fly your car down to Costa Rica to get the fender repaired. You can do that cheaper for non-emergency surgery, then having it done in Jackson.
Interesting 2:50AM, do you also buy your groceries and pay your electric bill on credit?
Presumably Salvasen Holdings will occupy the cell I would rot in for 10 years if I committed insurance fraud.
Why hasn't the AG weighed in on the matter? Doesn't that office have a consumer protection division capable of suing EVERYONE?
5:40. My wife’s Chemo treatment was $15,000 a month for12 months. Probably could have got it for $10,000 for cash. You could probably got them down to $10,000 a month with cash
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