Federal auditors announced they will be reviewing health insurance rates in 10 states, arguing regulators in those states are not effectively reviewing insurance rates themselves, according to a New York Times report.
The reviews are slated to begin Sept. 1 for proposed insurance hikes of more than 10 percent. According to the news report, federal auditors will review proposed insurance rate increases for both individual and small group insurance in seven states: Alabama, Arizona, Idaho, Louisiana, Missouri, Montana and Wyoming. In three other states — Iowa, Pennsylvania and Virginia — federal auditors will review proposed rate increases for only small group insurance.
State regulators were not alerted by federal officials why their insurance rate reviews were insufficient, and many have expressed concern that another layer of regulation on the federal level is unnecessary.
Read the news report about federal insurance rate increase audits.
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The reviews are slated to begin Sept. 1 for proposed insurance hikes of more than 10 percent. According to the news report, federal auditors will review proposed insurance rate increases for both individual and small group insurance in seven states: Alabama, Arizona, Idaho, Louisiana, Missouri, Montana and Wyoming. In three other states — Iowa, Pennsylvania and Virginia — federal auditors will review proposed rate increases for only small group insurance.
State regulators were not alerted by federal officials why their insurance rate reviews were insufficient, and many have expressed concern that another layer of regulation on the federal level is unnecessary.
Read the news report about federal insurance rate increase audits.
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