Wisconsin 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
Wisconsin health insurance prices and
Wisconsin health insurance
quotes.
The federal judicial panel and courts actions allows the NAIC to help reduce
Wisconsin 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.
Wisconsin 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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Wisconsin Facts: Wisconsin is the 23rd largest state of the United States, (54,314 square miles) and 18th greatest population (5,453,896 as of 2002). The state's name is an English version of a French adaptation of an Indian name said to mean "the place where we live." In 1634, Frenchman Jean Nicolet became Wisconsin's first European explorer.
The French controlled the area until 1763, when it was ceded to the British.
After the American Revolutionary War, Wisconsin was a part of the U.S.Northwest Territory. It was then governed as part of Indiana Territory, Illinois Territory, and Michigan Territory. Wisconsin Territory was organized on July 3, 1836 and became the 30th state on May 29, 1848.
Wisconsin cities and towns of historical or cultural importance include: Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton, Waukesha, Oshkosh, Eau Claire, Janesville, West Allis and La Crosse.
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