LOS ANGELES (AP) — California regulators have formally declared an April 1 rate hike from Aetna Inc. on small employers "unreasonable," but the insurer isn't backing down from the hike.
Insurance Commissioner Dave Jones said Thursday that he doesn't have the authority to outright reject Aetna's 1.8 percent average quarterly rate increases.
Jones says annually, the hike amounts to an average 8 percent increase.
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