State insurance regulators, gathered over the past three days for a meeting of the National Association of Insurance Commissioners, expressed deep concern that short-term plans were being aggressively marketed in ways likely to mislead consumers. Many said the plans, which need not comply with the Affordable Care Act’s coverage mandates, were a poor substitute for comprehensive insurance.
“These are substandard products,” sold on the premise that “junk insurance is better than nothing” for people who cannot afford comprehensive coverage, Troy J. Oechsner, a deputy superintendent at the New York Department of Financial Services, told the insurers.
Jessica Altman, the insurance commissioner of Pennsylvania, said she was “extremely concerned that some insurance agents or insurer websites may try to market short-term policies as comparable to A.C.A. plans.” In the past two years, she said, she has revoked the licenses of eight agents and brokers “because of deceptive marketing of these plans.”
https://www.nytimes.com/2018/08/06/...-region®ion=bottom-well&WT.nav=bottom-well
“These are substandard products,” sold on the premise that “junk insurance is better than nothing” for people who cannot afford comprehensive coverage, Troy J. Oechsner, a deputy superintendent at the New York Department of Financial Services, told the insurers.
Jessica Altman, the insurance commissioner of Pennsylvania, said she was “extremely concerned that some insurance agents or insurer websites may try to market short-term policies as comparable to A.C.A. plans.” In the past two years, she said, she has revoked the licenses of eight agents and brokers “because of deceptive marketing of these plans.”
https://www.nytimes.com/2018/08/06/...-region®ion=bottom-well&WT.nav=bottom-well
