A new law that will expand the authority of the Pennsylvania Department of Insurance has taken effect this week. The law was introduced last year and won approval from the state’s legislators. Governor Tom Corbett signed the bill, Act 134, into law late last year, with an enactment date of March 21, 2012. The law is nearly identical to similar legislation in California that gave regulators more authority over rate proposals coming from insurance companies. Legislators believe that new authority granted to the Department of Insurance will help protect consumers…
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Pennsylvania to answer consumer questions regarding state’s health insurance exchange
As Pennsylvania continues its slow and steady march toward building a health insurance exchange, residents of the state are coming to the Department of Insurance with questions about how the exchange will affect them. The state’s Department of Insurance has been awarded a $1 million grant from the federal government to help keep consumers informed over the matter. With the money, the department has hired additional staff, whose purpose it is to answer the questions consumers have about the exchange and the Affordable Care Act. Pennsylvania has stood in opposition…
Read MorePennsylvania insurance regulators see their rate review authority expanded with new law
The Pennsylvania Insurance Department has had its authority over insurance rates for small employer health care policies expanded this week. On Thursday, Governor Tom Corbett signed Senate Bill 1336 into law, giving regulators the power to adjust the insurance rates in the small group market. For the first time, state insurance regulators will be able to review and disapprove new rate proposals coming from insurers. They will also be able to require insurers to justify their need for a rate increase and demand changes if necessary. Insurance Commissioner Mike Consedine…
Read MorePennsylvania insurance bill has consumer advocates on edge
A new bill passed in Pennsylvania has consumer advocacy groups a little worried about the state’s future health insurance program. The bill in question was passed by the state Senate on Wednesday requires all health insurers in the state to submit their rate proposals to regulators for review if they are seeking increases of 10% or higher. While legislators claim that more regulations will help ensure insurance companies do not enact excessive rate increased, consumer advocacy group Pennsylvania Health Access Network, says that the bill compromises the protections of small…
Read MoreFederal insurance regulators reject rate increase proposal from Everence Insurance of Pennsylvania
The Department of Health and Human Services has exercised one of the new authorities it has been granted under the Affordable Care Act this week. The agency has denied a rate proposal request from Everence Insurance of Pennsylvania. This marks the first time the agency has made use of its new authority over the nation’s insurance companies. Everence Insurance must now rework their rate proposal so that it aligns with what the HHS defines as reasonable. Earlier this year, Everence submitted a rate increase proposal to the Pennsylvanian Department of…
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