Assembly Passes Legislation Reinstating Prior Approval Of Health Insurance Rate Hikes
Originally Posted: June 08, 2010
- Assemblyman Fred Thiele
has issued the following statement regarding the passage of legislation reinstating prior approval of health insurance rate hikes:
"The State Assembly has passed legislation requiring that health insurance premium rate hikes will go through a prior-approval process involving the state superintendent of insurance. This measure will better control unjustified rate increases and help ensure New Yorkers can afford to keep their health insurance plans.
"Bringing back regulation of this industry will ensure greater accountability to families and businesses that can't afford ever-increasing insurance premiums. Proper reviews of proposed premium hikes by the state Insurance Department take us in the right direction.
"It is vital we make certain that premiums are set according to the true cost of doing business, not to pad insurance companies' bottom lines. This legislation shows that people are put before profits when it comes to our health care system. The measure passed is one more step toward that goal."