Journal Sentinal, October 27, 2011
The state's insurance regulator wants to exempt health insurance companies from the new federal requirement that they spend 80% of premiums on medical care. The Office of the Commissioner of Insurance has asked the federal government for approval to phase in the new regulation over three years for health plans sold to people who buy health insurance on their own. In his request, Commissioner Ted Nickel contends that requiring health insurers to spend 80 cents of every dollar on medical care could force some companies to exit the market, potentially harming consumers. Six of the 24 companies that sell insurance in the individual market could be affected by the federal regulation, according to the Office of the Commissioner of Insurance.