November 14, 2022
OLYMPIA, Wash. — Sedera, Inc. has settled its case with Insurance Commissioner Mike Kriedler. Kreidler issued a $50,000 fine against Sedera for acting as an unauthorized insurer.
The fine must be paid by November 18, 2022. The company will also stop conducting medical cost sharing transactions in Washington, according to the terms in the order.
Kreidler’s office investigated Sedera from 2017 to 2019. Sedera, marketing itself as a medical cost sharing community, sold memberships to Washington consumers with a monthly fee. Members agreed to guidelines that determined their sharing of significant medical expenses that exceeded an “initial unshareable amount” and detailed which types health care were eligible for sharing by the community. As part of the membership, members also received access to telemedicine and a medical consultation program.
Between September 1, 2018 and August 1, 2019, Sedera — a non-resident corporation domiciled in Delaware and based in Austin, Texas — collected $690,175 from its 645 Washington members.
The Office of the Insurance Commissioner regulates Washington’s insurance industry to ensure companies, agents and brokers follow state laws. Since 2001, Kreidler has assessed more than $37 million in fines, which are directed to the state’s general fund to pay for state services.
Washington consumers may contact Washington state’s Health Benefit Exchange (wahealthplanfinder.org) for additional information about health plan coverage and enrollment.
For an insurance question or complaint, Washington consumers may contact Kreidler’s consumer advocates online or by phone at 800-562-6900.