The fight over a ballot measure to regulate the price of health insurance in California is shaping up to be a David vs. Goliath affair.
The initiative on the November ballot would require health insurers to justify premium rate hikes. Under the measure, the state insurance commissioner could reject increases they found excessive.
A coalition of insurance companies has raised more than $25 million to defeat it. Supporters have about $150,000.
The non-profit group Consumer Watchdog is backing the measure. Executive Director Carmen Balber maintained it’s not a radical proposal.
“This is simply asking insurance companies to show the numbers behind their calculations in the light of day, and make sure someone in California can say no when that math doesn’t add up,” Balber said.
Insurers argue the initiative is flawed and say it will lead to higher healthcare costs.
The price of health insurance is regulated in 35 other states.
