Under Pressure, WellPoint Execs Stand By Rate Hikes

Law360, New York (February 24, 2010, 3:16 PM EST) -- WellPoint Inc.'s chief executive on Wednesday denied U.S. lawmakers' accusations that the company is attempting to pad its bottom line with proposals to hike individual insurance premiums by as much as 39 percent in California, blaming rising health care costs for the requested increase.

WellPoint CEO Angela Braly faced a largely unsympathetic crowd at a U.S. House of Representatives Energy and Commerce subcommittee on oversight and investigations hearing examining WellPoint subsidiary Anthem Blue Cross' plan to raise rates for California customers in the individual insurance market,...
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