TEXT-S&P revises Health Insurance Plan of Greater NY outlook
(The following statement was released by the rating agency) Overview Health Insurance Plan of Greater New York, a health insurance provider in New York, has stabilized its operating earnings over the last couple of years, as well as maintained good capitalization. We are revising our outlook to positive reflecting the improving trend in the company's financial profile, and our expectation of continued stable earnings in the near term. We are also affirming our 'BB+' financial strength rating on the company. Rating Action On Feb. 27, 2012, Standard & Poor's Ratings Services revised its outlook on Health Insurance Plan of Greater New York (HIP) to positive from stable. At the same time, Standard & Poor's affirmed its 'BB+' financial strength rating on the company. In addition, we are affirming the ratings of HIP's strategically important entities, Group Health Incorporated (GHI; rated BB/Stable) and ConnectiCare companies, namely ConnectiCare Inc, ConnectiCare
Connecticut health insurers say end of health mandate is end of reform
Washington -- Few will be watching the arguments next week in front of the Supreme Court over the health care law more closely than Connecticut insurers whose financial health hinges on the justices' decision.
At the heart of the legal challenge to the Affordable Care Act is a mandate that will require most Americans either to buy health insurance or pay a fine.
But if the mandate goes, the industry says, so must the reforms, especially the most popular one that would bar insurers from denying coverage to individuals with pre-existing health conditions.
The mandate, which would bring many young and healthy people into insurance pools, is what persuaded health insurers to accept other reforms in the health care act.
"If you're going to ... take all comers, which the law requires by 2014, then you have to have a means to get the healthy people into the pool also," said Mickey Herbert, former CEO of ConnectiCare. "And that's where I think the insurance industry is really nervous right now about how this thing could play out."
