The Mississippi Insurance Department (MID) has issued a cease and desist letter to Salvasen Holdings and parent company Triada Assurance Holdings, LLC.
According to MID, Salvasen Holdings has violated Mississippi state law by selling insurance without a license. The company also allegedly marketed insurance plans falsely, claiming they were major medical policies when they were 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.”
Mississippi joins Texas and Michigan in sanctioning Salvasen. Pending a final decision by Chaney, the company may not collect or receive premiums or conduct any new or existing business.
Insurance Commissioner Chaney considering suing Blue Cross Blue Shield
The post Company sanctioned for allegedly selling health insurance in Mississippi without license appeared first on SuperTalk Mississippi.