Oregon has levied one of the largest insurance company fines in recent history against the parent company of Zoom+Care.
The state has fined the Zoom Management health insurance company and its operators $285,000 for filing financial statements showing it had received $3 million when it hadn’t.
The fine is part of a court settlement that also requires Zoom Management to pay Zoom Health more than $2 million to pay member claims and company liabilities.
Zoom operators David Sanders and Albert DiPiero said they mistakenly entered incorrect figures on their reports.
“We do not challenge the State’s authority to issue fines in this case; however, we are confident we made timely requests for extensions to most filings and carefully navigated complex and changed DCBS rules governing personal financial statement filing requirements and ultimately submitted fully compliant personal financial statements," read a statement issued by Sanders and DiPiero
“Anyone looking at the full record of facts will come to the same conclusion as the global settlement agreement: we never intended to do anything wrong, but we were late in our filings. And we apologize to any Zoom Health Plan insurance policy holder who was inconvenienced, confused or concerned while the matter was resolved."
As part of the settlement agreement, Oregon officials say they will not investigate whether the error was intentional.