NY Fines Insurers $2.7M For Hiding Mental Health Option

Law360, New York (May 8, 2012, 6:14 PM EDT) -- New York state said Tuesday that it had fined 15 insurers nearly $2.7 million for failing to notify small businesses that they were eligible to buy special insurance coverage for mental illnesses and children with severe emotional disturbances, as required by state law.

The state Department of Financial Services said the penalties represent the first time insurers have been fined for violations of Timothy’s Law, which requires insurers to give employers with less than 50 employees the option of purchasing extended mental health benefits when they...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.