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Coventry CareLink Insurance Company of Maryland was incorporated on June 9, 1998, and is primarily engaged in writing long-term care insurance.
The examination covered the period from September 1, 1999, to December 31, 2003, focusing on the company's financial condition and compliance with regulations.
As of December 31, 2003, the company reported total admitted assets of $1,540,271 and a net loss of $46,748 for that year.
The company maintained capital and surplus funds exceeding the minimum requirement of $1,500,000 during the examination period.
The company operates under several intercompany agreements with its parent and subsidiaries for management and operational support.
The examination revealed issues related to conflicts of interest disclosures among directors and officers that were not adequately addressed in previous years.
The company plans to begin assuming business through reinsurance agreements starting in 2005 after submitting updated financial projections to the Maryland Insurance Administration.
