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New York law limits rise in health insurance rates

New York Times, June 10, 2010

New York Gov. David A. Paterson has signed legislation that gives the state the power to block what it deems unreasonably high health insurance premium increases for millions of New Yorkers. The new law, which covers about three million people enrolled in small-employer or individually purchased plans, requires insurance companies to apply to the state Insurance Department before they can raise premiums. The state then has 60 days to determine whether the rates are justified, the New York Times reports.