ALBANY, N.Y. (AP) — New York authorities will be investigating the accuracy of data that health insurance companies and HMOs submit to justify rate increases.

Financial Services Superintendent Benjamin Lawsky said Wednesday that the new investigation will take the time needed to scrutinize data to make sure it accurately accounts for costs and spending. The unannounced audits will be in addition to the regular review of rate requests that must be done within 60 days before the department approves or rejects increases.

"At a time when spiraling health insurance costs are an incredible burden for working people, it is essential that we ensure that rate requests are based on fair, accurate information that has not been manipulated," Lawsky said.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.