Bill restoring regulation of individual health care premiums clears the House; Keiser declares victory for consumers

OLYMPIA — By a vote of 68-26, the state House today passed a key consumer protection bill restoring oversight of health insurance premiums to the Washington State Insurance Commissioner.

Sen. Karen Keiser, D-Kent, sponsored Senate Bill 5261 and worked with the House to get it passed. The bill passed the Senate by a vote of 31-18 Jan. 30, 2008. It also passed the Senate during the 2007 session.

"After two years of effort, I am pleased the House has finally agreed that oversight and accountability of health insurance premiums by our State Insurance Commission is long overdue. Consumers need a watchdog to rein in exorbitant premium increases, and Senate Bill 5261 will give consumers that protection. "

In 2000, the Washington Legislature barred the insurance commissioner from overseeing the individual insurance market. After several years of large premium increases in 2007, the Insurance Commissioner recommended that the Legislature restore regulation of the individual health insurance market.

Following the 2007 session, Regence and Premera raised premiums by up to 40 percent. Since 2002, reserves for the largest three health care insurance companies have grown from $833 million to $2.2 billion.

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