Anthem Withdraws Rate Hike After Errors Found

Law360, New York (April 30, 2010, 2:45 PM EDT) -- Legislators and federal officials applauded Anthem Blue Cross on Friday as it backed away from a controversial plan to hike premium rates for some in California by as much as 39 percent after errors were found in the insurer's state filing.

The Wellpoint Inc. subsidiary withdrew its plans because an independent actuarial analysis found “numerous and substantial errors” in the insurer's filing with state officials that would have led to “massive and unjustified” rate increases, said California Insurance Commissioner Steve Poizner on Thursday.

Anthem plans to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.