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Blue Shield Of California Submits To Rate Hike Delay

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CBS Los Angeles (con't)

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LOS ANGELES (AP) — Blue Shield of California has relented on its push to sharply raise premiums on individual policies after initially declining a request from the state’s new insurance commissioner to hold off.

In a statement Tuesday, the San Francisco-based insurer announced that it would delay a March 1 rate hike, the third rate increase since Oct. 1. Cumulatively, some customers would pay 59 percent more in premiums under the hikes.

In a release two weeks ago, the insurer said it would hire its own actuary and provide refunds if necessary.

Anthem Blue Cross, Aetna and PacifiCare agreed to delay their rate hikes last week, to allow Insurance Commissioner Dave Jones to examine them.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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