New Yorkers are experiencing some relief from insurance premium increases, after the state's prior-approval law took effect last year, according to a Journal News report.
Prior approval, under which insurance companies must seek approval from the state before pushing through rate hikes, replaced a 15-year period of deregulation in which insurers set their own rates. Under the former policy, rates increased between 14 and 15 percent a year between 2000 and 2008, according to state Department of Financial Services figures.
New York State approved an 8.2 percent average increase for rates for individuals, small groups and some large groups starting Jan. 1, though insurance companies requested a weighted average of 12.7 percent. Consumers should save $400 million in 2012 as a result, according to the report.
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Prior approval, under which insurance companies must seek approval from the state before pushing through rate hikes, replaced a 15-year period of deregulation in which insurers set their own rates. Under the former policy, rates increased between 14 and 15 percent a year between 2000 and 2008, according to state Department of Financial Services figures.
New York State approved an 8.2 percent average increase for rates for individuals, small groups and some large groups starting Jan. 1, though insurance companies requested a weighted average of 12.7 percent. Consumers should save $400 million in 2012 as a result, according to the report.
Related Articles on Coding, Billing and Collections:
7 Goals for ICD-10 Preparation for the Next Six Months
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