Monday, October 5, 2009

WellPoint subsidiary sues Maine to guarantee a profit

It's worth reading the whole article, although it is long.

Basically, an insurer didn't get their requested rate hike approved by the Maine insurance board. In response they sued, claiming an equal protection right to earn a specified guaranteed profit margin of 3%, because another company got a rate increase (of about 2%, versus their 18%) which gave that company a 3% profit margin.

Things like this just astound me.

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