Five more health insurers doing business in New York have joined United Healthcare in agreeing to full transparency of rate increase filings.
This means that insurers representing 85 percent of the New York statement market have agreed that full details of rate increase requests should be available to public.
They serve 2.4 million New York residents, according to Benjamin Lawsky, superintendent of the New York state Department of Financial Services.
At the same time, the Florida Office of Insurance Regulation disclosed that two insurers, with a total of 2,615 policies in force, have decided to withdraw from the Florida market. They represent a total of $12.7 million in annual premiums, the Florida OIR said.
What Your Peers Are Reading
The two companies are subsidiaries of American Enterprise Group, Inc. They are American Republic Insurance Company and World Insurance Company.
The Florida OIR said the reason cited was the mandate that administration expenses in healthcare premiums be limited to 20% for small group policies and 15 percent for large group policies.
The Florida OIR statement did not comment on the fact that the state has an application with the U.S. Department of Health and Human Services for a waiver of the MLR mandate for Florida.
Aetna, EmblemHealth, Empire HealthChoice, Excellus and HealthNow formally withdrew their objections and agreed with the DFS that their rate filings should be made public, Lawsky said.