It’s somewhat unusual for an Insurance Commissioner to issue a press release on rate increases, however, California Commissioner Poizner issued this statement in regards to the rate increases coming in California for Anthem Blue Cross of California.
The story was also picked up by the LA Times. Here is another followup story. Here is a story from the San Francisco Chronicle.
The individual Health Insurance Market in California is relatively small with the vast majority of Californians either insured through Employer Groups or uninsured. California also has a 70% loss ratio mandate on its individual health policies. The CADOI will be auditing Anthem, however, Anthem already had hired an independent actuary who certified their rate increases as appropriate and compliant.
On top of all that, and despite the political rhetoric, there is nothing in the proposed legislation that would lower these premiums, quite the contrary.
http://www.quinnscommentary.com/category/healthcare