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Published June 05, 2012, 10:07 AM

Insurer fined $7,500 for overcharging for policy

BISMARCK, N.D. (AP) — North Dakota's Insurance Department fined a life insurance company for overcharging for a Medicare supplement policy.

BISMARCK, N.D. (AP) — North Dakota's Insurance Department fined a life insurance company for overcharging for a Medicare supplement policy.

Insurance Commissioner Adam Hamm says the United National Life Insurance company of Illinois raised its rates without getting state approval first.

The company agreed to pay a $7,500 fine to settle the case. Hamm says the company will be paying refunds to customers who paid the higher price.

The Insurance Department rejected the proposed rate increase in October 2010. Last January, the agency discovered United National had gone ahead and started charging the higher price.

Copyright 2012 The Associated Press.

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