Premera Blue Cross and Regence BlueShield each now have surpluses of more than $1 billion, according to their most recent filings for the three months that ended in March. That's more than what the companies are required to set aside in reserves, Insurance Commissioner Mike Kreidler said Monday.
"They're building up a financial cushion for themselves, and it comes at an expense for people," Kreidler said, adding that insurers should use some of that surplus money to reduce rate increases for policyholders. "These aren't reserves, they're financial surpluses."
He noted that the cost of individual health policies in Washington more than doubled between 2005 and 2011.
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