Saturday, August 21, 2010
West Virginia Customers To Receive Insurance Refunds
WEST VIRGINIA....
About 500 West Virginia customers of two insurance companies will receive refunds following an audit of the firms' loss ratio experiences. John Alden Insurance Co. will refund a total of $69,689, while Time Insurance Co. will refund a total of $145,450. The first refund checks are expected to be mailed around September 1st. In West Virginia, insurers can file for state approval of individual sickness and accident products on a guaranteed loss ratio basis. An independent audit is then required, and refunds are required if the audit indicates the actual loss ratio is less than the insurer anticipated.
# posted by Homer Owens @ 7:01 AM 
