Health Insurance Innovations, Inc. (NASDAQ: HIIQ), a leading cloud-based technology platform and distributor of affordable individual and family health insurance and supplemental plans, today announced the termination of its relationship with Health Benefits One, LLC (“Simple Health”).
On November 1, 2018, Health Insurance Innovations, Inc. (“HIIQ”) was made aware of an action brought by the Federal Trade Commission (FTC) against Simple Health. Simple Health is an independent, third-party licensed insurance distributor that marketed and sold products offered by various insurance carriers, including insurance carriers who sell products through HIIQ’s platform. Upon receiving notice of the FTC’s action, HIIQ immediately suspended its relationship with Simple Health and contacted the FTC to offer its support and assistance in the FTC’s investigation.
HIIQ maintains an active internal compliance team and works closely with state insurance agencies. The company has relationships with over 100 independent insurance sales agencies, many of whom sell products for many different carriers, and HIIQ closely monitors all sales of HIIQ products by each agency. For 2018 to date, Simple Health was the agency of record for less than 10% of HIIQ’s submitted policies.
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