Insurance Bill Seen as Anti-Consumer

Mary Mancini at Tennessee Citizen Action says a pending bill, brought forth by a recent amendment to a caption bill, could let insurance companies take advantage of consumers and is part of an overall erosion of consumer rights underway in the Legislature.
With it’s shiny new amendment, HB2454 now reads that if an insurance company changes your policy and notifies you in the fine print of a flyer they send to you with your bill, the change to your policy will take effect and bind you to that change by the simple act of you paying your bill. In other words, HB2454 says that your written and cashed check or automatic bill payment is enough to allow them to completely change your policy.
And this isn’t a bill that would just hurt consumers. It would harm any entity that buys insurance — including small businesses that hire and administrative person to handle all their bill payments. How many bookkeepers read every piece of paper included in a bill and how will you be able to prove that they didn’t?
The U.S. insurance industry has trillions of dollars in assets, enjoys average profits of over $30 billion a year, and pays its CEOs more than any other industry. This is just another example of how they still engage in dirty tricks and unethical behavior at the consumer’s expense to boost their bottom line even further.

Leave a Reply