State Regulator Rejects Insurance Rate Increase

New Mexico – State regulator rejects insurance rate increase

SANTA FE, N.M. (KRWG) State Insurance Superintendent John Franchini has rejected a health insurance rate increase proposed by Blue Cross and Blue Shield of New Mexico.

The state regulator said Tuesday the company didn't provide enough evidence to justify the 9.9 percent increase.

The state Insurance Division is part of the Public Regulation Commission, and PRC member Jason Marks said he supported the denial of the insurance rate increase.

In April, the insurance superintendent approved a 21 percent rate increase for Blue Cross and Blue Shield by affirming a rate case settlement from 2010.

Copyright 2011 The Associated Press. KRWG