Blue Shield Of California
The settlement is far less than the $1 billion in fines and restitution former Los Angeles City Attorney Rocky Delgadillo threatened when the lawsuit was filed in 2008.
State Insurance Commissioner Dave Jones Thursday called recent rate increases by Blue Shield of California “unreasonable.”
Blue Shield of California came under sharp criticism last month when it revealed that its CEO, Bruce Bodaken, earns four times that of an average non-profit California insurer.
A state insurance regulator is asking Blue Shield of California to explain two recent rate hikes that average 37.5 percent for approximately 70,000 policyholders.
Blue Shield of California is seeking another round of rate hikes that would mean a cumulative increase averaging over 30 percent over a five-month span for nearly 200,000 policy holders, reports Wednesday said.