Largest N.Y. Insurer Agrees To Disclose Rate Filings
United Health/Oxford, New York's largest health insurer, has agreed to drop a lawsuit arguing that insurers can keep their rate increase filings secret. In September, the state's financial services department ordered United Health/Oxford to publicize its rate increase filings. State policy previously had granted insurers a "trade secret" exemption for their records. The insurer had said that public disclosure would reduce competition, offer competitors an unfair advantage and raise prices. The company's decision to voluntarily release details about its premium increase requests could influence other insurers across the country to begin releasing similar information.
- "Insurer Drops Fight To Keep Rate Filings From Public" (Bernstein, New York Times, 10/25).
- "Insurer To Reveal Rate-Hike Data" (Scism/Rappaport, Wall Street Journal, 10/26).