2021 Fines, Restitution for Third-Party Administrators, Others Topped $35 Million

LOUISVILLE, Ky. & HOUSTON - April 27, 2023 - PRLog -- Amid nearly $21 million in fines levied against third-party administrators and other non-risk-bearing entities in 2021, Croneal Consulting Group is encouraging third-party administrators to purchase a hard copy or an electronic copy of its "Third-Party Administrators Guide, A State Legal Guide, 2023-2024 Edition."

The TPA guide is a 51-state compilation of statutes and regulations addressing the relationship of third-party administrators (TPAs) with insurers, policyholders, and state regulators, such as the state insurance departments. Each state section of the guide addresses application requirements, surety bond requirements, record maintenance requirements, notification requirements to policyholders, and claims reporting time frames, among other topics. The guide also includes a list of more than 240 forms that TPAs use. To the extent available, the guide references form numbers and revision dates as well as TPA contacts for each state.

A print/hard copy of the 605-page TPA guide is available on Amazon.com at https://www.amazon.com/dp/B0BSWVGMYR?ref_=pe_3052080_397514860 for $250, while an electronic copy is available for immediate download on http://www.payhip.com/ccg for $382.50 until the end of April. The regular price is $425. The electronic version is priced higher due to the 61 pages of active links to the TPA forms. In addition, real time updates to the guide are provided until 2024. For a limited time, purchasers of the hard copy may purchase the form links on http://www.payhip.com/ccg at a discounted price of $75.

According to 2021 statistical data released by the National Association of Insurance Commissioners, regulators fined non-risk-bearing entities, such as third-party administrators, more than $20 million. Also, these entities, along with others, had to pay nearly $15 million in restitution for state law violations.

About Croneal Consulting Group

Croneal Consulting Group is an information and research services firm that provides database development services and Web portals for members of the legal, regulatory, and government communities. Besides UST Reports, a legislative/regulatory reporting service for five United States territories (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands), the firm counts as its flagship product, InsuranceBulletins.com, a 51-state Insurance Bulletin Alert Tracking System, with nearly 9,000 insurance bulletins released from 2006 to the current date.

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