So, in this business at least, transparency remains a cracked one-way glass.
I'm sure you've heard about this one. The U.S. Attorney out of San Diego managed to squeeze $5.5 million worth of fines and penalties out of Unum Group earlier this week. The federal prosecutor took issue with the company's unreported "special fees" it paid to a San Diego broker, which of course runs afoul of ERISA.
It's worth noting that Unum voluntarily reported this arrangement and cooperated fully with the feds.
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"Insurance commission and fee disclosure is designed to promote transparency. Efforts to conceal payment of those fees will not be tolerated," Hewitt declared self-righteously in her office's own press release.
Now, if only we could extend that Saran Wrap of transparency across the industry as a whole. It's all fine and noble that the feds are able to coerce brokers and carriers into opening their books, but when do the health care providers themselves get to join the party? It's hardly an equitable arrangement — even by Washington standards — when the one of the three major players in the system is exempt from full disclosure.
Guess it helps to have better lobbyists.
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