Thrivent review by Illinois Department of Insurance March – October 10, 2014, Deemed adequate and sufficient but fined $ 12k, Not in compliance with provisions of IL insurance code and dept. regulations

From the Illinois Department of Insurance.

“THRIVENT FINANCIAL FOR LUTHERANS

THRIVENT LIFE INSURANCE COMPANY

MARKET CONDUCT EXAMINATION REPORT

DATE OF EXAMINATION: March 1, 2014 through October 10, 2014″

“1. The Market Conduct Examination indicated various areas in which the companies were not in compliance with provisions of the Illinois Insurance Code and Department Regulations; and

2. The Directors and the Companies consent to this Order requiring the Companies to take certain actions to come into compliance with provisions of the Illinois Insurance Code and Department Regulations.

THEREFORE, IT IS HEREBY ORDERED by the undersigned Director that the Companies shall:

1. Institute and maintain policies and procedures whereby the Companies ensure that all claims are paid in a timely manner, with adequate documentation to support payments in compliance with the requirements of 215 ILCS 5/154.6(c).

2. Institute and maintain policies and procedures whereby the Companies’ authorization forms utilized do not exceed the term of coverage or the duration of a claim in compliance with 215 ILCS 5/1007(G)(2)(a) and 215 ILCS 5/1007(G)(2)(b).

3. Institute and maintain policies and procedures whereby the Companies ensure that all complaints received by its Field Representatives (FR), when resolved by the (FR), be submitted to the Companies with adequate documentation in compliance with ILCS 5/143d(c).

4. Submit to the Director of Insurance, State of Illinois, proof of compliance with the above three (3) orders within 30 days of receipt of this Order.

5. Pay to the Director of Insurance, State of Illinois, a civil forfeiture in the amount of $ 12,000 to be paid within 30 days of execution of this order.”

http://insurance.illinois.gov/MarketconductExam/LandH/2015/LHThriventFinancialForLutherans022715.pdf