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Conseco Reaches Settlement of Multistate Market Conduct Examination
Date:5/7/2008

Agrees to $2.3 million fine

CARMEL, Ind., May 7 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO) today announced a settlement among state insurance regulators and two of its insurance subsidiaries: Conseco Senior Health Insurance (CSHI) Company and Bankers Life and Casualty Company. The settlement concludes a multistate market conduct examination led by Pennsylvania, Illinois, Indiana, Texas and Florida related to long-term care claims practices and procedures, complaint handling, and sales and marketing practices.

Under the agreement:

-- Conseco will pay a fine of up to $2.3 million, with an additional $10

million in the event Conseco fails to meet the process improvement

benchmarks over the next two-and-a-half years.

-- Conseco will review certain claims from 2005-2007 and provide up to $4

million of remediation.

-- Conseco will implement a detailed process improvement plan designed to

achieve performance standards for the timely processing of claims and

complaints and other processes, as part of an improvement program

undertaken by the company in 2007. Under that program, Conseco is

moving several long-term care back-office functions to the Long-Term

Care Group, Inc. to better manage the CSHI business and improve

customer service, and Conseco is investing $26 million on systems

enhancements and business process improvements over the next

two-and-a-half years. The plan will be monitored by the lead states.

"Conseco encouraged and fully supported this exam, especially in light of industry policymakers' focus on senior marketplace issues relating to long-term
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SOURCE Conseco, Inc.
Copyright©2008 PR Newswire.
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