Today's announcement is good news for the more than 800,000 Californians who could have been hit with massive rate increases and gives them some much-needed temporary relief. Since these rate hikes were first announced, I have heard from countless Americans who have been stretched to the limit by high health insurance premiums. This result was achieved because those who oversee the insurance industry on the state and federal levels heard these voices, held investigations, and demanded action.
The Affordable Care Act will ensure that people across this country have access to the affordable, quality care they deserve. As we implement this law, our Department, and especially our new Office of Consumer Information and Insurance Oversight, will closely monitor the industry, and we will not hesitate to act to prevent exorbitant premium hikes.
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