Blue Cross in the state of Michigan has been putting pressure on the state lawmakers to pass legislation that will reduce regulation on insurance companies. They have been heavily advertising this to the public.
The law we are speaking of would strip powers from the state being able to challenge premium increases of any kind that Blue Cross and Blue Shield of MI would like to put in to effect.
BCBS of Michigan argues that if the law isn't put in place, they will be in financial jeopardy. The state's largest health insurer projects they'll lose $264 million in 2009, reported the Chicago Tribune.
But there's only a month left in the Michigan state legislative session, and BCBS isn't convincing anyone that there's an immediate crisis.
Critics of BCBS of Michigan's efforts include state Attorney General Mike Cox, who says pushing a law through quickly isn't the right move. It seems Cox also doesn't think there's any financial trouble that can't be avoided.
"There's no reason this can't be done in February or March or April, and done the right way," stated Cox. Obviously he feels this issue can wait until next year.