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REPORT ON EXAMINATION

OF

MVP HEALTH INSURANCE COMPANY

AS OF

DECEMBER 31, 2010

DATE OF REPORT EXAMINERS

JUNE 18, 2012 ELSAID E. ELBIALLY, CFE JEFFREY L. USHER

TABLE OF CONTENTS

ITEM NO.

PAGE NO.

1.

Scope of the examination

3

2.

Description of the Company A. B. C. D. E. F. Management and controls Corporate governance Territory and plan of operation Reinsurance Holding company system Significant operating ratios

5 6 8 12 15 16 20

3.

Financial statements A. Balance sheet B. Statement of revenue and expenses and change in capital and surplus

22 22 24

4. 5. 6.

Claims unpaid Compliance with prior report on examination Summary of comments and recommendations

25 27 28

Andrew M. Cuomo                                                                                                                          Benjamin M. Lawsky  Governor                                                                                                                                          Superintendent     

June 18, 2012 Honorable Benjamin M. Lawsky Superintendent of Financial Services Albany, New York 12257 Sir: Pursuant to the requirements of the New York Insurance Law and acting in accordance with the instructions contained in Appointment Numbers 30733 and 30734, dated September 13, 2011, attached hereto, we have made an examination into the financial condition and affairs of MVP Health Insurance Company, a for-profit stock company licensed pursuant to the provisions of Article 42 of the New York Insurance Law, as of December 31, 2010. The following report is respectfully submitted thereon.

The examination was conducted at the home office of MVP Health Insurance Company located at 625 State Street, Schenectady, New York.

Wherever the designations the “Company” or “MVPHIC” appear herein, without qualification, they should be understood to indicate MVP Health Insurance Company.

Wherever the designation the...