DES MOINES, Iowa — Two state senators have demanded an investigation into whether Iowa's dominant health insurer really needs $1.3 billion in reserves.
Sens. Jack Hatch and Matt McCoy, both Democrats from Des Moines, said Tuesday that they questioned Wellmark Blue Cross & Blue Shield's reserves because Wellmark has decided against participating next year in the state's health insurance exchange.
"Much of that $1.3 billion reserve should go back to the policyholders," said Hatch, who delivered a letter Monday to Insurance Commissioner Nick Gerhart, asking for the investigation.
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