C H A P T E R 5
Insurance ShiftLaw Changes Market Rules, Regulations
Health care reform makes drastic changes to the insurance industry's marketplace. Among other things, it changes the way insurance is sold, it sets requirements for what policies must cover, it mandates that everybody be offered coverage, and it attempts to cap administrative costs, profits, and overhead. In short, it closes some opportunities and opens others, particularly with the influx of an estimated 16 million new customers.
Before health care reform, insurers had plenty of leeway. They generally based premium prices on actuarial principles, claims experience, or the health condition of customers. State and federal regulations allowed them to design products ...
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