Virginia 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
Virginia health insurance prices and
Virginia health insurance
quotes.
The federal judicial panel and courts actions allows the NAIC to help reduce
Virginia 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.
Virginia 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.
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Virginia Facts: Jamestown, founded in 1607, was the first permanent English settlement in North America and slavery was introduced there in 1619. The surrenders ending both the American Revolution (Yorktown) and the Civil War (Appomattox) occurred in Virginia. The state is called the “Mother of Presidents” because eight U.S. presidents were born there. Today, the service sector provides one-third of all jobs in Virginia, generating as much income as the manufacturing and retail industries combined in 1999 and accounting for 23% of gross state product. (The largest component of the service sector is business services, which includes computer and data processing services.) Virginia has a large number of manufacturing industries, including transportation equipment, food processing, electronic and other electrical equipment, chemicals, textiles and apparel, lumber and wood products, and furniture. Agriculture remains an important sector, and the state ranks among the top ten in a variety of agricultural products, including tomatoes, tobacco, peanuts, apples, summer potatoes, sweet potatoes, snap beans, and turkeys and broilers. Virginia also has a large dairy industry.
Virginia is one of the top ten coal producers in the U.S. Coal accounts for roughly 70% of Virginia's mineral value; crushed stone, sand and gravel, lime, and kyanite are also mined. Points of interest include Mt. Vernon, home of George Washington; Monticello, home of Thomas Jefferson; Stratford, home of the Lees; Richmond, capital of the Confederacy and of Virginia; and Williamsburg, the restored Colonial capital. The Chesapeake Bay Bridge-Tunnel spans the mouth of Chesapeake Bay, connecting Cape Charles with Norfolk. Consisting of a series of low trestles, two bridges and two mile-long tunnels, the complex is 18 miles (29 km) long. It was opened in 1964. Other attractions are the Shenandoah National Park, Colonial National Historical Park, Fredericksburg and Spotsylvania National Military Park, the Booker T. Washington birthplace near Roanoke, Arlington House (the Robert E. Lee Memorial), Luray Caverns, the Skyline Drive, and the Blue Ridge National Parkway. The Old Dominion; Mother of Presidents Origin of name: In honor of Elizabeth “Virgin Queen” of England
The ten largest cities in Virginia are: Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, Hampton, Alexandria, Portsmouth, Roanoke, and Lynchburg.
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