WA state insurance commissioner pushes transparency bill

The Seattle Times, March 3, 2011
Should policyholders get to see the figures a health-insurance company provides state regulators when it tries to raise its rates? And if so, when exactly? Washington State Insurance Commissioner Mike Kreidler says he wants to end the "secrecy of health-insurance rates" but can't under the current state law, which protects from public scrutiny the figures and formulas divulged by insurers trying to raise their rates. That information includes how much money their health plan lost, how much of the proposed rate is going to medical claims, how much is going to administrative costs and how much to profit. A bill now before the state Legislature would change that, allowing the public to see those numbers. The House may vote on the bill as early as today.

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