Since taking office as the Montana Commissioner of Securities and Insurance, it has been an exciting two years. I love my job. Thank you for giving me the opportunity to serve Montana. From day one, I hit the ground running. The first thing I did was give the office an accurate identity as the Office of the Commissioner of Securities and Insurance (CSI) rather than the State Auditor’s Office. For years as a legislator, I struggled to explain that the office is a criminal justice agency and does not audit. So far, consumers appreciate the clarity.
My next task was to get the office operating as efficiently as possible. I wanted the office to be consumer and business-friendly while ensuring that businesses and individuals were following Montana law. Let me share with you some of the great success this office has had the past two years. ** Able to recover over $7 million in claims to insurance customers. By and large, insurance companies are paying the claims they are responsible to pay, but it is my responsibility to be sure we are helping consumers get the money they are owed when the company doesn’t pay. ** Stopped fraudulent insurance companies from doing business in the state--such as association plans that refused to pay claims or discount cards that were not insurance. Montana stayed diligent and provided information for a national investigation of fraudulent insurance.
On behalf of the Montana Comprehensive Health Association, the state of Montana’s existing high-risk pool, I want to take a moment to thank Auditor Monica Lindeen for her leadership in quickly implementing the new federal high-risk pool. I know from experience the magnitude of starting such a program, and it is because of this swift action that Montanans with pre-existing medical conditions will have increased options as of July 1. The MCHA board and administrative staff are proud to play a role in this effort, and while we share the viewpoint that full implementation of federal health care reform will take time, and some adjustments may need to be made along the way, positive things are happening, and in Montana, this is one more area that we can cross off the to-do list. Persons who feel they may qualify for either program may receive one-stop information at 1-800-447-7828, ext. 2128. Cecil Bykerk
Executive director, MCHA
Helena
Billings Gazette October 12, 2010 HELENA — Montana regulators have resolved an action alleging the North Carolina company ACN Inc., was operating a pyramid scheme in Montana. In August, Commissioner of Securities and Insurance Monica Lindeen issued a cease-and-desist order against ACN, a direct seller of telecommunications services. She alleged the company lured Montanans to join ACN by claiming members could earn large sums of money by recruiting new members and selling services. Lindeen says her investigation found the actions she was concerned about were not part of the ACN business model, but were being carried about by ACN's independent representatives in Montana. Lindeen says ACN settled the issue by promising additional training for its representatives as well as helping Montana video phone customers install their service.
Billings Gazette October 12, 2010 It was a small group dwarfed by a thunderous message aimed specifically at women: Health care reform has positively affected their lives and those of their families. That was the message that state Auditor Monica Lindeen delivered to about 20 women gathered Tuesday in Billings for the second in a series of meetings across the state sponsored by Montana Women Vote. The first was held in Missoula last week; the third will be in Great Falls on Wednesday. As auditor, Lindeen oversees securities and insurance. In a series of bullet points, Lindeen pointed out what women get from health care reform: • Dependent children will be able to remain on their parents’ policies until their 26th birthday, unless they get coverage through their employers. • Children with pre-existing conditions cannot be denied coverage. • All new insurance plans will be required to cover preventive health care and screenings, such as pap smears and mammograms, without any cost-sharing such as co-payments. • Insurance companies will be prohibited from canceling their policies if they get sick.
Billings Gazette August 23, 2010 HELENA — A settlement agreement has been reached to provide restitution to the victims of Arthur Leroy Heffelfinger, an East Helena man who operated a $2.02 million Ponzi scheme. Montana Commissioner of Securities and Insurance Monica Lindeen announced Monday that KMS Financial Services Inc., a Seattle-based securities firm, has agreed to pay about $975,000 in restitution to the victims of Heffelfinger, a former stock broker for the firm. The firm also has agreed to pay a total of $50,000 in fines and investigative costs to the state. In July, Heffelfinger pleaded guilty in District Court in Helena to two felony counts of operating a pyramid promotional scheme and theft by common scheme. He entered a not guilty plea to exploitation of an older person by common scheme. A trial has been set for Sept. 20 on that felony charge. Heffelfinger allegedly took $390,000 from one of his elderly clients. He has admitted that he operated the scheme from February 2001 to September 2009, in Lewis and Clark, Jefferson, Broadwater, Missoula, Lake, Judith Basin, Gallatin and Ravalli counties. He also said he used his clients’ investment money for his personal use.
Billings Gazette August 16, 2010 HELENA — As part of the federal health care reform law, Montana is getting $1 million in federal funds to help it review whether health insurance premiums are fairly priced in the state. One problem, however: Montana has little or no authority in state law to review or approve these rates. Monica Lindeen, the state auditor and insurance commissioner, will be asking the 2011 Legislature to grant her office that authority. In the meantime, however, Lindeen’s office will start using the money to gather information on health insurance rates in Montana, design Web-based material to help consumers shop for health insurance and beef up existing enforcement. “What we need to do, before we move forward, is just to see where we’re at,” said Jackie Boyle, spokeswoman for Lindeen. “We really need a sense of what’s going on (in the market), and that takes a lot of work by an actuary.” Reasonable premiums Lindeen’s office will use its own actuary and probably contract with another actuary to examine whether health insurance premiums in Montana are reasonable and match the risk that insurers face, Boyle said.
Billings Gazette June 28, 2010 HELENA — Goldman Sachs has agreed to buy back over $25.65 million in auction-rate securities sold to Montana investors, as part of a national settlement regarding the company's sales of the investments. Commissioner of Securities and Insurance Monica Lindeen says Montana's settlement with Goldman Sachs Inc. also calls for a $75,000 fine to be deposited in the state's general fund. Regulators alleged that banks and securities firms misled customers into believing auction-rate securities were safe, cash-like investments. However, customers were unable to get their money out when the market collapsed in early 2008. Goldman Sachs reached a settlement in principle in August 2008 that called for buying back an estimated $1.5 billion in auction-rate securities and paying $22.5 million in fines. Other firms reached similar settlements.
Billings Gazette September 25, 2010 HELENA — Last Thursday, Democrats and the president celebrated the six-month anniversary of the massive federal health reform bill, but a poll shows they still have a lot of work to do if they hope to convince Americans that the reforms are a good plan. The poll, commissioned by The Associated Press, shows that huge chunks of the population don’t really know what’s even in the bill, or think it contains things that it doesn’t. It also asked people if they support it. Thirty percent said they do. Another 30 percent said they’re on the fence. Forty percent don’t like it. With or without public support, reforms are marching ahead, as health insurers (including those in Montana) have been busy putting changes into place, in advance of last Thursday’s deadline for the bill’s first round of requirements. The next question is how these changes will affect the cost, quality and affordability of health care, which is really the heart of the matter. It’s too early to say, of course, although the initial signals on cost aren’t exactly encouraging. More on that later. First, here’s a quick refresher on some key health reform provisions now in effect: • Children must be allowed to be covered by their parents’ health insurance policy until they turn 26.
HelenaIR.com August 24, 2010 A settlement agreement has been reached to provide restitution to the victims of Arthur Leroy Heffelfinger, an East Helena man who operated a $2.02 million Ponzi scheme. Montana Commissioner of Securities and Insurance Monica Lindeen announced Monday that KMS Financial Services Inc., a Seattle-based securities firm, has agreed to pay about $975,000 in restitution to the victims of Heffelfinger, a former stock broker for the firm. The firm also has agreed to pay a total of $50,000 in fines and investigative costs to the state. In July, Heffelfinger pleaded guilty in District Court in Helena to two felony counts of operating a pyramid promotional scheme and theft by common scheme. He entered a not guilty plea to exploitation of an older person by common scheme. A trial date has been set for Sept. 20 on that felony charge. Heffelfinger allegedly took $390,000 from one of his elderly clients. Heffelfinger has admitted that he operated the scheme from February 2001 to September 2009, in Lewis and Clark, Jefferson, Broadwater, Missoula, Lake, Judith Basin, Gallatin and Ravalli counties. He also said he used his clients’ investment money for his personal use.
Billings Gazette June 29, 2010 HELENA — Starting Thursday, several hundred Montanans with high-risk health conditions and no insurance can sign up for a new insurance pool, which is part of the federal health-reform bill passed in March. Slots in the pool, known as the Montana Affordable Care plan, are expected to go quickly, said the state’s insurance commissioner, state Auditor Monica Lindeen. “Montanans who think they will be eligible for the new program should act fast,” she said. “Spots are limited and we want those most in need to get coverage.” Applicants, who must have a pre-existing health condition and been without health insurance for least six months, can find an application at www.mthealth-org. Montana is one of only two states so far to sign a contract with the federal government to launch the new pool by July 1, Lindeen said Tuesday. The other is Pennsylvania. As part of the health-reform bill, the federal government is funding the high-risk insurance pool through the end of 2013. Montana has been allocated $16 million, which Lindeen said should be enough to cover about 400 people.
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