WellPoint Inc., the second-largest U.S. health insurer, is leading companies that have poured $13.4 million into defeating a ballot initiative that would give California regulators the power to reject increases in health policy premiums.
WellPoint Inc.’s plan to raise the rates small employers in California pay for medical insurance was criticized as unreasonable by the state insurance commissioner, who said customers are being charged this year to cover U.S. health-law fees that won’t begin until 2014.
Assurant Inc., under pressure from California’s insurance regulator, will cut rates 30.5 percent at its American Security unit on home coverage that borrowers must buy when they miss payments on their initial policies.
Francois Pinault’s Artemis SA holding company prevailed at a trial over $4.33 billion in profits and interest sought by the California insurance commissioner from a junk-bond portfolio sold to French investors in 1991.
California and New York said the U.S. president’s one-year reprieve for insurance policies that don’t meet the stricter requirements of Obamacare undermines the “risk pool” of patients needed to make the law viable.