New Jersey Lawmakers Seeking To Control Insurance Costs By ...

New Jersey State Assembly

New Jersey State Assembly (Credit: NJ.com)

TRENTON, N.J. (AP) ? Health insurance carriers who serve individuals and small businesses in New Jersey may soon have to gain state approval before implementing any rate increases.

These firms currently can set and increase rates just by filing the information with the state.

But a measure planned by three state lawmakers would require that the firms gain approval for such actions from the state Department of Banking and Insurance.

It also would expand the jurisdiction of the state?s Division of Rate Counsel ? which now has no say over health insurance rates ? to create a state-level watchdog for residents and small businesses.

Ed Rogan, spokesman for the banking and insurance department, declined comment on the proposal. As a matter of policy, the department does not discuss proposed or pending legislation.

(Copyright 2011 by The Associated Press.? All Rights Reserved.)

Source: http://newyork.cbslocal.com/2011/10/23/nj-lawmakers-seeking-to-control-insurance-costs/

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