Blue Shield Offers Up Calif. Rates For Review

Law360, New York (January 14, 2011, 5:23 PM EST) -- Under increased scrutiny from California's new insurance commissioners, Blue Shield of California said Friday it would voluntarily submit its individual health insurance rates to independent actuarial review and refund customers if the rates are deemed unsound.

Blue Shield's announcement came on the heels of a Jan. 6 letter from California Insurance Commissioner Dave Jones, in which Jones called on the insurer to hold off for 60 days on implementing a rate hike that could hit policyholders with premium increases of up to 59 percent. The rates...
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