NC Insurance Regulators Identify $156m in Refund from Blue Cross Under New Health Law

North Carolina health insurance watchdogs have been able to identify that almost $156 million, which is an amount to be refunded by the Blue Cross to its policyholders, has arisen because of the new health law formed in the nation.

North Carolina Insurance Commissioner, Wayne Goodwin is of the say that people holding insurance policies of other insurance providers across the nation too might deserve refunds.

He is devising plans to demand from other states carrying out appropriate scrutiny into the supposed instance of overcharging by insurance firms in order to locate deserving reserve funds.

By the year 2014, the face of insurance policies being sold will drastically change under the new health care law and a number of plans in effect now are going to fade when the new reformed law comes into effect.

Also, the watchdogs who investigated a recent rate of interest increase request made by Blue Cross and Blue Shield in North Carolina informed that they found that the insurer was taking reserves in order to reimburse claims even beyond the year 2014.

Goodwin said: “Since the passage of the federal health reform law we've ramped up our interactions with the insurance companies we regulate”.