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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (634887)11/7/2011 7:16:33 AM
From: Brumar89  Read Replies (1) of 1582217
 
Indirectly, I'd say. NY state policies play a role too:

...
Officers of New York State Association of Health Underwriters sent a letter—of which Mr. Hasday was one of the signers—dated November 2, addressed to the superintendent of the State Department of Financial Services, stating concerns that a major carrier, which it did not mention by name, is withdrawing from the small group market because of rate request denials/reductions in the last five consecutive quarters. Mr. Hasday later confirmed that the letter referred to Empire.

“The major carrier’s pending withdrawal from the small group market is nothing short of catastrophic to small employers in the state,” it says. “Multiple small employers with literally tens of thousands of employees are going to be left without coverage, as there will be only two to three other carriers left in which brokers may try to place coverage. If the other carriers follow suit, the availability of coverage will dry up entirely.”

The letter points to two changes in state law from 2009 that the State Association of Health Underwriters says it “vociferously opposed.” Those were requiring insurance companies to get approval from the State Insurance Department before changing any rates. The other was the requirement that an insurance company could only spend a certain percentage of premiums for non-claim costs.

“We argued that prior approval would become a politicized process, that the rates would amount to price control, and the rates that would be approved would be substantially below the rates ultimately required by the insurance companies to do business,” Mr. Hasday said.
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