The three insurers recorded a combined $2.4 billion profit in 2010, and State Insurance Commissioner Mike Kreidler wants lawmakers to give him the authority to consider a non-profit insurer’s net earnings before a rate increase is approved, according to the report.
Mr. Kreidler said the three insurers have at least $1 billion more than what they need to pay claims and other expenses, but the non-profits argued they need the surplus cash for the upcoming changes associated with healthcare reform and other systemic investments.
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