Anthem Blue Cross could owe big refund checks to 730,000 Californians if its proposed rate hikes of up to 25 percent are deemed excessive thanks to an initiative voters will consider on the 2014 ballot.
The ballot measure requires health insurance companies to get approval before raising rates and allows that refunds be ordered on rates that are considered excessive after November 6, 2012. When voters approve the measure, the insurance commissioner will have the power to retroactively order refunds for excessive rates.