Missouri Department of Insurance
National Association of Insurance Commisioner’s
Health Insurance Rates News Release: 1/17/2005
Category: Health Insurance Rate Enforcement
Washington, DC – A federal judge today ruled in favor of the
National Association of Insurance Commisioners and its efforts to recoup more than $100 million for health insurance consumers nation wide, an amount which the agency contends that a select few insurance companies may have overcharged health insurance consumers by inflating
Missouri health insurance prices and
Missouri health insurance
quotes.
The federal judicial panel and courts actions allows the NAIC to help reduce
Missouri health insurance
rates. The objective of NAIC staff throughout this action has been to provide health insurance rate relief for health insurance consumer policyholders who have been charged excessive health insurance rates.
NAIC staff, using authority granted by the federal judicial panel’s decision, ordered health insurance companies to reduce its health owners rates by 12 percent in September 2004.
Missouri health insurance companies appealed the reduction in district court, claiming that the they had been denied due process in ordering the rate reduction.
“NAIC staff’s latest action, based on a different law was designed to address the court’s concerns regarding due process,” said NAIC’s Deputy Commissioner for Policy. “Despite the insurance companies objections, the courts have allowed the debate based on the facts to move forward. In the end we believe the facts will show that their rates can be reduced.”
NAIC staff contends that health insurance companies have been overcharging its policyholders since June 11, 2003, the effective date of Senate Bill 14. NAIC is seeking a refund of the excessive premium plus 10 percent interest. The total amount will be calculated from June 11, 2003, to present.
More
Missouri Facts: Missouri, named after the Missouri Siouan Indian tribe meaning "canoe", is a Midwestern state of the United States with Jefferson City as its capital. The state's nickname is the Show-Me (http://www.sos.mo.gov/
archives/history/slogan.asp) State; the U.S. Post Office abbreviation for Missouri is MO and the state public university's main branch is located in Columbia.
The Mississippi and Missouri rivers are the two large rivers which flow through this state. Originally part of the Louisiana Purchase, Missouri was admitted as a state in 1821 as part of the Missouri Compromise. It earned the nickname "Gateway to the West" because it served as a departure point for settlers heading to the west. During the Civil War, Missouri, a slave state, was split with portions adhering to the Union, and others seceding with the southern states. Missouri was the starting point for the Lewis and Clark Expedition.
Missouri cities and towns of historical or cultural importance include: Saint Louis, Kansas City, Springfield, Columbia, Branson, Cape Girardeau, Sainte Genevieve, Saint Joseph, Hannibal, Independence, Saint Charles, Rolla, Jefferson City, Sedalia and Joplin.
|
