A Georgia-based insurance giant is being forced to lower costs after overcharging customers. Aflac has agreed to a settlement with Virginia regulators after charging too much for certain accident and sickness insurance plans. The State Corporation Commission’s Bureau of Insurance says the company failed to spend enough premium dollars on claims, instead holding more for administrative costs and profit. Aflac will pay 64-thousand dollars and make changes without admitting wrongdoing. More than 120-thousand policyholders will now see relief, with rate cuts and benefit increases across 16 insurance products, including dental, vision, and disability coverage. The changes are expected to save customers about 12-point-6 million dollars a year. Customers should receive written notice of the changes by early July, while regulators will keep a closer eye on the company’s pricing for at least the next five years.
ed@edhisted.com
Ed launched his radio career in 1975 and has spent more than five decades in the broadcasting industry. During that time, he has served in a wide range of roles including Air Personality, News Director, Sales Manager, Operations Manager, and General Manager at numerous radio stations in various markets across the country. Beyond on-air and management responsibilities, Ed has also worked extensively on the technical side of broadcasting. His background includes RF engineering and information technology, with particular experience configuring digital automation systems and remote voice-tracking platforms used by stations across the country. Ed was also among a select group of industry professionals invited by Google to its California headquarters following the company’s acquisition of Scott Studios. He was one of just 12 broadcasters nationwide chosen to participate in discussions and provide input during the design and rollout of Google’s digital broadcast automation platform. Although the majority of Ed’s career—spanning roughly four decades—was rooted in music radio, he transitioned into news and information programming in 2012. He says the move into spoken-word broadcasting was a natural evolution after decades of experience in multiple areas of the industry.