Last night, the Legislature passed a budget extender that once again enables the State Department of Insurance to approve health insurance premium hikes on insurance policies for individuals or small groups (like small businesses) before they go into effect. Until today, insurance companies were able to simply file a rate increase and use it. This reinstatement of “prior approval” issues a lifeline to New York families that have been crippled by ever-increasing premiums.
Read HCFANY’s press statement here.
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Filed under: Affordable, Governor Paterson, Insurance reform, Premiums
[...] New York State Insurance Department reinstated the prior approval process for health insurance premium rate increases in 2010, however it is not yet clear that the process [...]