ANTHEM BLUE CROSS WITHDRAWS RATE HIKES UP TO 39%

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Bill to regulate rate hikes introduced by Insurance Commissioner candidate Dave Jones
 

April 30, 2010 (Sacramento - Following a storm of criticism, Anthem Blue Cross announced yesterday that it will withdraw its request to raise premiums by as much as 39% on California policy holders.
 

“The hearings I chaired revealed that Anthem Blue Cross and its parent company, Wellpoint, have made billions in profits at the expense of Californians,” Assemblyman Dave Jones, candidate for State Insurance Commissioner, said in a press release issued today. When the insurer refused to provide information on salary packages of its executives, Jones said, “I issued the first Legislative subpoena in a decade to get that information.”

Jones has now introduced Assembly Bill 2578 to regulate health premiums in much the same way that auto, property and casualty insurance rates are regulated under Proposition 103. “Left to their own devices, insurance companies will continue to boost their already huge profits instead of providing Californians with high quality health care at an affordable price,” said Jones.