By Jessica Dye

Law360, New York (March 05, 2010, 2:24 PM ET) -- Sen. Dianne Feinstein, D-Calif., has introduced legislation that would give federal officials the authority to review and block unjustified health insurance premium rate increases in states where insurance commissioners have limited oversight authority.

Feinstein unveiled S. 3078, the Health Insurance Rate Authority Act of 2010, on the U.S. Senate floor on Thursday, along with co-sponsors Barbara Boxer, D-Calif., Sheldon Whitehouse, D-R.I., Jack Reed, D-R.I., and Bernie Sanders, I-Vt.

The bill would require health insurers to submit actuarial justification for premium increases, both to the U.S. Department...