NY To Examine Insurers' Data Used To Request Rate Hikes

Law360, New York (February 15, 2012, 5:03 PM EST) -- New York state's insurance watchdog is probing the accuracy of data that health maintenance organizations and insurers use to justify health insurance rate increases, in a move to help lower insurance costs, the regulator said Wednesday.

As part of this probe, New York's Department of Financial Services, which regulates both insurance and banking, will conduct in-depth audits of insurers' and HMOs' rate applications to ensure they are tying increases to accurate data.

“At a time when spiraling health insurance costs are an incredible burden for working...
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