JACKSON, Miss. (WJTV) – The Mississippi Insurance Department (MID) issued a cease and desist order to Salvasen Holdings and its parent company Triada Assurance Holdings, LLC.
According to MID, the insurance agency violated Mississippi law by marketing and selling health insurance without having an insurance license. The agency also said Salvasen Holdings marketed insurance plans falsely and claimed they were major medical policies when they were in fact limited plans.
“MID received a complaint from a customer who thought they bought a major medical health insurance plan from Salvasen Holdings. Salvasen failed to pay claims under that policy, which turned out to be a limited plan,” said Commissioner of Insurance Mike Chaney.
According to Chaney, Texas and Michigan have also sanctioned Salvasen Holdings. The issue is still under investigation by MID.
Pending a final decision by Chaney, Salvasen Holdings may not collect or receive premiums or conduct any new or existing business.