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Biotech / Medical : Oxford Health Plan (OXHP) -- Ignore unavailable to you. Want to Upgrade?

To: Peter who wrote (646)	12/23/1997 9:29:00 AM
From: Thomas Haegin	Respond to of 2068

Repost: Oxford fined $3.0 mln by N.Y. regulators Reuters Story - December 23, 1997 07:21 %INS %BUS %US %HEA %DRU %CRIM OXHP V%REUTER P%RTR ------------------------------------------------------------------------ NEW YORK, Dec 23 (Reuters) - New York's insurance regulator said Tuesday it slapped a $3.0 million fine on Oxford Health Plans Inc for alleged violations of the state's insurance statute and regulations. Oxford was also ordered to pay $500,000 in restitution to customers and health care providers, the New York Insurance Department said. In October, Oxford, once a high-flying health maintainance organizatoin, dropped a bombshell, saying it expected a $53 million third quarter loss due to what it said were overestimations in its number of members and computer billing snags. The New York insurance regulator said it conduted an examination of Oxford as part of an order by Gov. George Pataki in May to scrutinize HMOs that had been delaying payments to customers, doctors, hospitals and other health care providers. The Oxford examination is the first one to be completed by the department, the regulator said. In a report on its examination, the regulator said Oxford's problems include difficulty in timely payment of claims, weakness in generating complete data on its operations and a lack of procedures to ensure compliance with New York insurance law and regulation. The state agency charged Oxford violated New York insurance law by using an unapproved HMO application form and by issuing unapproved contracts. In addition, Oxford violated the law by using contracts with rates other than those on file with the department, the department alleged.