Smaller Rate Increase By Anthem Blue Cross Welcome But Too Little, Too Late, Says Consumer Watchdog
Anthem's parent company, Wellpoint, announced a 38% profit increase in the 4 th quarter of 2012 over the previous year, and $2.7 billion in net profits for 2012.
California insurance reform law Proposition 103 regulates auto, home and business insurance rates, and requires insurers to open their books, publicly justify and get approval for rate increases before they take effect. That law was enacted by the voters in 1988 and has saved California drivers $62 billion on their auto insurance premiums. The initiative measure that has qualified for California's 2014 general election ballot would apply the same rules to health insurance companies.
Consumer Watchdog is a nonprofit, nonpartisan advocacy organization with offices in Santa Monica, CA and Washington, DC. Find us online at www.ConsumerWatchdog.org
SOURCE Consumer Watchdog
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