Senator Feinstein announces her support for rate controls in health insurance

Senator Dianne FeinsteinU.S. Senator Dianne Feinstein (D, San Francisco) has announced that she has placed her support behind a controversial ballot measure that would give state insurance regulators the authority to approve California health coverage rates.

As one of the most highly respected politicians in California, the support by Feinstein – who is now the chief spokesperson and head booster of the initiative – this high-stakes move suddenly has a great deal more weight behind it. This initiative is designed to provide effective regulation over increases in health premiums.

According to an email that Feinstein wrote and distributed among approximately 2 million registered voters, “I am proud to tell you that I was the first person to sign a new ballot initiative petition that will reform the health insurance industry in California.”

Within the email, the Senator encouraged its recipients to print out the petition and to sign their names and urge others to do the same in order to obtain the 505,000 signatures that are necessary for providing the measure with the qualification it needs to be added to the ballot in November.

Previous efforts to pass comparable laws within the state Legislature have faced opposition from the healthcare and insurance industries and have continually failed over the last five years. However, should this measure make its way onto the ballot, it may create one of the most intense and costly battles in this year’s electoral season.

Feinstein’s email stated that this initiative would mean that insurers would be required to publicly justify any rate increases they intend to make before they will be permitted to put them into place.

For more live California insurance updates.

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