The finance officials announced their opposition to the bill earlier this week, at a Senate Appropriations Committee hearing. They raised concerns about the costs of the rate-regulation proposal, saying that the need to review more proposed rates would necessitate large staff increases. They said the state would also face significant litigation costs in the likely case that the law is challenged in court.
Supporters, including Insurance Commissioner Dave Jones and various health advocacy groups, say the measure would benefit businesses and individuals by protecting them from drastic premium hikes.
The governor has so far not taken a formal position on the bill. The bill cleared the Assembly on a 45-28 vote with no Republican support.
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