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Democrats want justification for insurance rates
Posted: 02.19.2010 at 5:34 PM
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OTTUMWA, IOWA -- An amendment requiring Iowa insurance companies to justify rate increases is in the works.
Iowa democrats hope the amendment appears in the house next week, and they say the measure has bipartisan support.
The proposed amendment is in response to Wellmark Blue Cross Blue Shield announcing a proposed 18% rate increase for some 80,000 Iowans.
Lawmakers say this will “put some teeth into our laws.”
"And hopefully what will happen because of this is they will look at their request and they will say well maybe we can get by with less than 18% increase on everybody, and to hopefully we will be able to make a difference for people," said Senator Keith Kreiman (D) of Bloomfield.
Kreiman said he expects the 18% increase sought by Wellmark will be looked at very, very carefully.