Client Alert
| November 14, 2011
Developments on Healthcare Rates – New York Orders $114.5 Million Refunds in Health Insurance Rebates
On November 9, 2011, New York Governor Andrew Cuomo announced that the newly combined New York Department of Financial Services ("DFS") ordered 11 insurance companies to refund $114.5 million in health insurance premiums for failure to meet the New York minimum medical loss ratio ("MLR"). Across the country, on the same day, Consumer Watchdog, a consumer education and advocacy organization, submitted a proposed ballot initiative to the California Attorney General's office, which would effectively impose existing property and casualty insurance rate regulation on health insurance rates.
What follows is a summary of these healthcare rate regulation developments in the US from this week.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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