August 26, 2016 4:39 PM ET

Insurance

Company Overview of Aetna Life Insurance Company

Company Overview

Aetna Life Insurance Company, Inc. offers life insurance products and services. The company provides group disability, basic life, dependent life, accidental death, personal loss, long-term care, and supplemental insurance products. The company also offers beneficiary management services. The company was founded in 1853 and is based in Hartford, Connecticut. Aetna Life Insurance Company, Inc. operates as a subsidiary of Aetna Inc.

151 Farmington Avenue

Hartford, CT 06156

United States

Founded in 1853

Phone:

860-273-0123

Fax:

860-273-6675

Key Executives for Aetna Life Insurance Company

Chief Executive Officer, President and Chairman
Age: 59
Other Professional
Compensation as of Fiscal Year 2016.

Aetna Life Insurance Company Key Developments

East Texas Medical Center Tyler Files Suit against Blue Cross and Blue Shield of Texas, Aetna Health, Inc., Aetna Life Insurance Company, Cigna Healthcare of Texas, Inc., and Cigna Health and Life Insurance Company

East Texas Medical Center Tyler has filed suit in excess of $1 million against health insurance carriers in East Texas, citing that the hospital's exclusion from the preferred provider networks (PPO) of these companies has created serious and negative consumer impacts. The insurance companies named in the suit are Blue Cross & Blue Shield of Texas; Aetna Health, Inc., Aetna Life Insurance Company; Cigna Healthcare of Texas, Inc.; and Cigna Health and Life Insurance Company. ETMC Tyler alleges that its exclusion lessens consumers' choice of quality health care providers and increases healthcare costs for some patients. The suit also states that the exclusion of ETMC Tyler is contrary to the provisions of the Texas Insurance Code.

State of Missouri Reaches a $4.5 Million Settlement with Aetna Life Insurance Company and Aetna Health Insurance Company

State of Missouri has reached a $4.5 million settlement with Aetna Life Insurance Company and Aetna Health Insurance Company after the companies failed to provide coverage for the diagnosis and treatment of autism spectrum disorders. The settlement, which includes Missouri's large fine ever for insurance law violations, also allows the Missouri Department of Insurance to suspend those companies from doing business in the state for up to one year, if they violate the agreement during a three-year monitoring period. In 2010, Gov. Nixon spearheaded the bi-partisan effort to pass the law mandating the coverage of autism diagnosis and treatment. For the first time, insurance companies were required to cover one of the most highly effective types of therapy, Applied Behavioral Analysis, or ABA. While effective, the cost of ABA can exceed tens of thousands of dollars a year, making insurance coverage necessary for most families. The settlement, in which Aetna admitted it failed to offer autism coverage in some cases, includes a $4.5 million fine and the requirement that Aetna subject itself to a corrective action plan and three years of monitoring by the Department of Insurance. A portion of the fine, $1.5 million, will be suspended if Aetna complies with the settlement agreement. In 2012, the two Aetna companies also admitted to violating the autism mandate and paid a $1.5 million fine under a settlement agreement with the Department of Insurance. The companies were required to undertake a full and complete audit to ensure compliance with all Missouri insurance mandates. Aetna admits it did not undertake that full compliance audit.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 25, 2016
Building and Land at 340 Progress Drive
 

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