Wednesday, June 9, 2010, 2:52pm EDT Paterson signs health insurance reform bill The Business Review (Albany)
New York Gov. David Paterson officially gave the state the power to regulate health insurance rate increases by signing a bill into law on Wednesday.
The new law revives the ability of the state Insurance Department to veto proposed hikes in premiums that insurance companies want to make. The bill sailed through the Senate (58-0) and Assembly (117-17) on June 7.
The state had such powers in the 1980s and 1990s, before legislators voted to take them away during a period of deregulation.
Business lobbies opposed the bill. They argue it will lead to arbitrary government control over health insurance, and that it will do nothing to rein in out-of-control health care costs for employers.
“Deregulation of health insurance premiums is a failed experiment leading to unjustified premium increases and more people losing their health insurance coverage,” Paterson said. “I am pleased to sign into law my program bill, which will help make coverage more affordable and allow more small businesses and individuals to keep their coverage.”
The law would apply to all rate increases taking effect on or after Oct. 1.
So should government be controlling private businesses and dictating how much they can charge for a service? What's next? The take over of all market chains and force them to lower their food prices so food stamp recipients can 'get more food for their stamps'?
The government is already telling us what we can and can't eat. They are already dictating to pharmacutical companies on what pricing is acceptable. They are already dictating to hospitals on what pricing is acceptable.
It's liberal socialism at it's best folks!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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