WellPoint had requested rate increases of as much as 39 percent. California Insurance Commissioner Steve Poizner said an outside actuary had found numerous errors in how the company determined medical claims trends and said the company withdrew its proposal because of these findings, according to the report.
WellPoint acknowledged that the findings were part of its decision but also cited updated medical-claim data and the need for early compliance with a new federal requirement related to insurance industry administrative costs as reasons to withdraw the proposal, according to the report.
The action by WellPoint is one in a growing list of increased incidents involving state regulators and insurance companies in an effort to curb rising healthcare costs, according to the report.
Read the WSJ’s report on WellPoint’s premium proposal.
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