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MA insurers blame rate increase cap for losses topping $150 million

Boston Globe, May 18, 2010

The four major Massachusetts health insurers posted first-quarter losses totaling more than $150 million, with three of them blaming the bulk of the losses on Gov. Deval Patrick administration's decision to cap rate increases for individuals and small businesses. The carriers attributed $116 million of their $152 million in losses to the April 1 ruling by the state Division of Insurance to deny most proposed premium increases for the so-called small-group market. That category covers 800,000 residents who are self-insured or employed by companies with 50 or fewer employees.