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Review finds Wellmark reserves 'reasonable and prudent'

Business Record, February 27, 2014

Wellmark Blue Cross and Blue Shield's $1.3 billion in reserves are "reasonable and prudent," according to the results of an independent review released this morning by the Iowa Insurance Division. The review, ordered by Iowa Insurance Commissioner Nick Gerhart in November 2013, concluded that Wellmark's "current capital and liquidity provide adequate resources to deal with potential shocks without having a disruptive impact on its policyholders in Iowa and South Dakota." The review, in part, was in response to a state legislator's concern about Wellmark raising its rates and its decision last year not to participate in insurance exchanges created the Affordable Health Care and Patient Protection Act.