Insurance companies have spent more than $38 million to defeat Proposition 45, which would give the California Insurance Commissioner the authority to regulate health insurance rates in the state, according to a Los Angeles Times report.
Kaiser Permanente has contributed $14.6 million, the most of any insurer to defeating Prop. 45., while WellPoint, the second-largest contributor, has spent $12.5 million. In addition, independent blue plans in the state have spent $10 million on defeating Prop. 45.
As the insurance commissioner would likely keep a cap on insurance rate increases in
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