Health insurance companies doing business in California woke up to good news Wednesday: Voters appeared to be strongly opposed to a ballot initiative that would have permitted the state insurance commissioner to review and veto any proposed rate increases deemed too high.

Proposition 45, a proposal backed by California Insurance Commissioner Dave Jones that would create a powerful oversight on rate increases, was defeated at the polls. About 60 percent of Californians voted against the measure.

Insurance carriers spent some $50 million fighting the measure, proposed by Consumer Watchdog, a self-styled advocacy organization.

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 BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

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

Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.