NY A-G: Insurance Company Must Refund Students And Colleges

Dec 4, 2013

New York officials say they've reached a settlement with Markel Insurance Co. that will result in $2.75 million in restitution to college students who were overcharged for insurance.

The Attorney General's office and Department of Financial Services say the health, accident and sports accident insurance plans resulted in nearly 3 million dollars in overcharges to about 22,000 students, including many attending SUNY schools.

Attorney General Eric Schneidermann: "Under our settlement, the health insurer is going to pay that money back to compensate students in 34 colleges all across New York State. Markel will also pay nearly one million dollars in penalties back to the State of New York."

Students will be eligible for refunds averaging $107 if they enrolled in a Markel plan in the school years 2007-2008 to 2009-2010 and 2011-2012.