TAMPA, Fla., Jan. 02, 2020 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc (NASDAQ: HIIQ) today announced the resolution and closure of an investigation by the Office of the Insurance Commissioner of the State of Washington. Washington was not one of the 40 states that participated in the HIIQ multi-state regulatory settlement agreement that became final in February 2019 and instead commenced a separate investigation based largely on the subject matter of the settled multi-state examination. HIIQ ceased conducting business in the State of Washington in April 2019.
“In light of the previously announced de-emphasis of our IFP business, we made a strategic decision to settle this legacy matter with Washington rather than continue with a time-consuming and costly legal process that we don’t believe would benefit our stakeholders,” said Gavin Southwell, HIIQ’s President and Chief Executive Officer.
“With respect to the multi-state regulatory settlement agreement,” added Mr. Southwell, “we are pleased to report that HIIQ continues to be in compliance with the requirements, measures, and enhanced controls agreed to as a part of the regulatory settlement agreement.”
In the settlement with the Washington Office of Insurance Commissioner, HIIQ agreed to pay $1.5 million to Washington. The settlement was concluded on December 31, 2019.
About Health Insurance Innovations, Inc. (HIIQ)
HIIQ is a market leading cloud-based technology platform and distributor of innovative health and life insurance products that are affordable and meet the needs of consumers. HIIQ helps develop insurance products through our relationships with best-in-class insurance companies and markets them via its broad distribution network of third-party licensed insurance agents across the nation, its call center network and its unique online capabilities. Additional information about HIIQ can be found at HIIQ.com.
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on HIIQ’s current assumptions, expectations and beliefs are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for products offered through our platform, factors affecting growth in the Medicare market, our ability to grow our Medicare business, cash flow from our IFP business, regulatory oversight and examinations of us and our carriers and distributors, legal and regulatory compliance by our carriers and distributors, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, and HIIQ’s ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are discussed in HIIQ's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by HIIQ from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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Source: Health Insurance Innovations, Inc.