AUGUSTA, Maine — Maine Superior Court has affirmed state regulators’ decision to reduce Anthem’s proposed rate increase of 18.1 percent to 10.0 percent for individual health plans.
In his decision Wednesday, Superior Court Chief Justice Thomas Humphrey said Maine law does not “expressly entitle insurers to a mandated profit margin.” Anthem contended that the 10.9 percent allowed by Maine’s insurance superintendent provided no profit for the company.
The judge also said it was not improper for the superintendent to consider the state of the economy and profits from Anthem’s other lines of insurance in making her decision on the proposed increase.
The decision addresses a 2009 rate request.
Anthem’s proposed 22.9 percent increase this year for two individual coverage plans is still pending.