The New York State Department of Financial Services said it has launched a wide-ranging probe of the accuracy of the data used by insurers and health maintenance organizations (HMOs) to request health insurance rate increases.
“At a time when spiraling health insurance costs are an incredible burden for working people, it is essential that we ensure that rate requests are based on fair, accurate information that has not been manipulated,” said Benjamin Lawsky, superintendent of Financial Services. “These in-depth audits will allow us to drill down underneath the numbers to make sure they are accurate. The audits may also help us identify areas where we can take measures to help control costs.”
Audits will be funded under a $4.4 million grant won by the department from the U.S. Department of Health and Human Services. The grant was among those issued to a number of states to enhance premium rate review, improve public access and lend more transparency to the processes used to establish health insurance premiums.
Topics Trends New York Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Progressive Now 4th Largest Global Insurer; RenRe Fastest Growing in ’24 
The Hartford Q3 Net Income Up 41% 
Suspects in Louvre Heist in Custody After Week-Long Manhunt 
Reuters: Iran, Russia and the New Zealand Insurer That Kept Sanctioned Oil Flowing From This Issue
