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CIGNA Healthcare will not be allowed to hike charges to its 225 Maine HMO insurance policyholders by the 56.3 percent it requested, Superintendent of Insurance Alessandro Iuppa ruled Monday. Instead, Iuppa told the company it could have a 10 percent increase based on the bureau’s…
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CIGNA Healthcare will not be allowed to hike charges to its 225 Maine HMO insurance policyholders by the 56.3 percent it requested, Superintendent of Insurance Alessandro Iuppa ruled Monday.
Instead, Iuppa told the company it could have a 10 percent increase based on the bureau’s review of documents filed with the request.
Iuppa said in a statement that an actuarial review proved the increase was “excessive” and “more than was necessary to enable the company to pay reasonably anticipated claims and operating expenses.”
CIGNA claimed it needed the increase because of rises in claim costs, the bureau reported.
The increase will take effect July 1.
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