Governor vetoes insurance rate review bill

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Governor Malloy vetoed SB 11, An Act Concerning the Rate Approval Process for Certain Health Insurance Policies. The act would have required the Insurance Dept. to hold public hearings if insurers sought permission to raise rates by 10 percent or more. Consumers have been repeatedly hit with double digit rate increases, despite very large profits reported by insurance companies. The federal government recently gave the department $1 million to improve rate reviews.
Ellen Andrews