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Rate proposal by WellPoint is withdrawn

Wall Street Journal, April 30, 2010

WellPoint Inc. said it would revise its request for steep rate hikes in California's individual market, after a state regulator said it found flaws in the company's application. The proposed premium increases by the company's Anthem Blue Cross unit would have affected more than 700,000 consumers, who would have seen their rates go up by as much as 39%. WellPoint said it would submit a new rate application as soon as possible, likely in May. A spokeswoman said it didn't yet know how the new rate proposal would compare to the prior one, the Wall Street Journal reports.