Massachusetts certifies its first two cooperative insurance purchasing groups

More than a year after Massachusetts passed a law allowing for the state’s first cooperative insurance groups to operate in the state, two organizations have been certified as purchasing cooperatives. The Retailers Association of Massachusetts and the Massachusetts Association of Chamber of Commerce will now be able to negotiate with health insurance companies in the hopes of producing more affordable insurance products. The groups hope to attract thousands of new consumers with these products and alleviate some of the financial burdens that have been damaging the state’s economy. Small businesses…

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Pennsylvania 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…

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