Conn. A.G. Tong Issues Statement on Connecticut Insurance Department Approval of Health Insurance Rate Hikes
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Attorney General
"Insurers sought bloated rates based on vague, unsupported assumptions contradicting nationally-supported data.
Attorney General Tong had argued both in written comments (https://portal.ct.gov/AG/Press-Releases/2023-Press-Releases/Attorney-General-Tong-to-Insurance-Department-Unjustified-Rate-Requests-Must-be-Rejected) and in person during an informal hearing conducted by the
Attorney General Tong's comments pushed insurers and CID to address the broken incentive structure and negotiation dynamics between insurers and healthcare providers that contribute to the ever-rising cost of healthcare in
Attorney General Tong has argued for a more robust review process and is exploring potential legislative reforms that would impose heightened scrutiny to insurers seeking rate increases and applying actuarial assumptions in excess of industry accepted or government-developed benchmarks. He has continued to push for formal hearings under the Uniform Administrative Procedures Act, as agreed to in a 2015 letter to then-Healthcare Advocate
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Original text here: https://portal.ct.gov/AG/Press-Releases/2023-Press-Releases/AG-Tong-Statement-on-Connecticut-Insurance-Department-Approval-of-Health-Insurance-Rate-Hikes
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