The California state Assembly approved a bill Thursday that would give state regulators the power to reject or modify excessive health insurance premium increases. They already do this for auto and homeowner insurance and supporters say there’s no reason health insurance shouldn’t be similarly regulated.
Several other states have passed bills or are considering bills that would institute a similar policy.
Lawmakers voted 47-28 to approve the measure. Few Republican legislators supported it. In fact, they walked off the floor in protest. The bill now moves to the state Senate. Read the whole story.