Over the past several years, the three major health insurers in the state - all non-profits - have accumulated large surpluses while continuing to raise consumers' health insurance premiums. The combined surplus of these companies is now more than $2.4 billion. These surpluses are in addition to the amount they are required to hold in reserves to pay future claims.
Health insurance premiums continue to rise, and non-profits continue to build their surpluses. I proposed legislation in 2010 and 2011 to give my staff the ability to take these surpluses into consideration when deciding if the proposed rates are reasonable.
While my proposals have failed to pass the Legislature so far, I will continue to seek public and editorial support and again propose legislation in 2013.