All posts tagged: insurance

Insurance Rate Public Justification & Accountability Act

The Insurance Rate Public Justification and Accountability Act would: Give the insurance commissioner the authority to reject excessive rate increases for individual and small group health insurance. Require health insurance companies to publicly disclose and justify, under penalty of perjury, proposed rate changes before they take effect. Make every document filed by an insurance company to justify a rate increase a public record. Allow Californians to challenge unjustified premium rate increases. Why Californians need public justification of health insurance rates Today, there is no transparency in how health insurance companies set prices and premium rates. California’s health insurance companies set premiums in secrecy, handpick the people who check their math, and then expect consumers to trust that rates have been set fairly. If a rate filing is excessive or unjustified, no one has the power to require insurance companies to undergo a public review. More importantly, no one – not even the state’s insurance commissioner – can reject excessive or unjustified rate increases. The proposed ballot measure would create a public review process and would …