On June 28, we reported that a proposed initiative that would bring prior approval of rates for health insurance to California had failed to qualify for the November 2012 California ballot.
An earlier blog addressed in more detail that the the initiative would have:
given the California Insurance Commissioner the power to approve health insurance rates proposed after November 6, 2012;
required health insurers’ rate applications to be accompanied by a sworn statement by the insurer’s chief executive officer declaring that the contents of the application were accurate and complied in all respects with California law; and
required health insurers to pay refunds with interest if the Commissioner determined that the company’s rates were excessive.
While the initiative failed to qualify for the November 2012 ballot, we observed that the backers of the initiative were seeking to obtain the requisite number of valid signatures to place the initiative on the next general election ballot in November 2014.
According to the Secretary of State, on August 23, 2012, the initiative qualified for the general election to occur on November 4, 2014.
This will ensure plenty of time for both sides to present to the California electorate their arguments in favor of and against the as-of-yet un-numbered proposition. We will continue to update developments on this ballot initiative.