Anthem Blue Cross drops request for rate hikes
April 29, 2010
California’s largest for-profit insurance company is withdrawing rate increases of as much as 39 percent for thousands of policyholders statewide. [Los Angeles Times]
The action by Anthem Blue Cross on Thursday came after state insurance regulators rejected the proposed increases.
Company officials said the insurance giant will submit a new rate increase proposal in May, but declined to specify the size of the possible increase.
The rates affect an estimated 800,000 Californians who buy individual policies.
Anthem Blue Cross has been the center of controversy since the proposed rate hikes were first announced. Consumers, regulators and even President Obama denounced the original decision, which was set to go into effect March 1 before being delayed.