State Insurance Superintendent John Franchini has approved a double-digit rate increase for Blue Cross and Blue Shield of New Mexico.
The rate increase will average 21 percent and affects about 40,000 people.
The state regulator on Wednesday affirmed the settlement of a rate case that had been reached last year by Blue Cross and Blue Shield, the Insurance Division of the Public Regulation Commission and the attorney general’s office. However, public criticisms of the settlement forced its reconsideration.
Several PRC members issued statements objecting to the rate increase but said they had no power to overturn the superintendent’s decision.
Commission members and Franchini urged Gov. Susana Martinez to sign pending legislation to strengthen regulatory review of health insurance premium increases.
Topics Carriers Legislation Mexico
Was this article valuable?
Here are more articles you may enjoy.
Rotting Apple: Berkley Explains Property Market, Company Appetite 
Suspects in Louvre Heist in Custody After Week-Long Manhunt 
Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot 
New York Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims 
