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Senator aims to regulate CA health insurance ratesPosted On Mon, February 6, 2012
California Senator Dianne Feinstein recently promoted an initiative to push for stricter regulations on health insurance rates in the state, according to The Los Angeles Times.
The initiative is through a petition, and hopes to get 505,000 signatures in order to allow it to be on the electoral ballot in November. However, even if it does, it will still have to pass, and many measures like it have failed over the past several years, the source said.
"I am proud to tell you that I was the first person to sign a new ballot initiative petition that will reform the health insurance industry in California," Feinstein, wrote in an email, according to the news source. "[The initiative] would require health insurance companies to publicly justify their rates before rate hikes take effect."
The Golden State is one of 17 states that do not allow for the state government to specifically question and approve the increases of health insurance rates, according to the source. California group "Consumer Watchdog" is said to support the bill, as well.
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