The New York State Insurance Department says insurers should file ratings reports with the department before using the reports in sales presentations.
Officials in the general counsel's office at the department have come to that conclusion in an opinion responding to question about whether agents of "ABC Insurance Company" can show prospects a Medicare supplement insurer ratings report if the insurer has not filed the ratings report with the department.
Department investigators found that the authors of the ratings report gave a B plus rating to ABC Insurance, and a D plus rating to another Medigap seller, officials write in the opinion.
Some ABC Insurance agents kept the report in plastic and showed it to customers, officials write.
"In one instance," officials write, "an agent testified that the report was used whenever 'necessary, appropriate … to combat somebody who has used them against me.'"
