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California Insurance Commissioner Criticizes Wellpoint Rate Hikes

California Insurance Commissioner Dave Jones called recent rate increases by WellPoint Inc.'s (WLP) Anthem Blue Cross Life and Health Insurance Company "excessive and unreasonable."His rebuke recalled a 2010 firestorm over the company's proposed rate increases in California that became a lightning rod in the health-overhaul debate and fueled criticism of the company's former chief executive.Mr. Jones said in a statement that Anthem's April 1 rate hike on small group health insurance policyholders would translate to a 12-month increase of 22.9% for some small business customers. The average rate increase, which impacts around 45,000 customers, is around 10.5%, the California Department of Insurance said."Tough economic times in California have been particularly challenging for small businesses. These ongoing and excessive rate increases are simply unsustainable, as many small businesses struggle simply to survive," said Mr. Jones.The commissioner called on Anthem to reduce the average r...

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