RALEIGH, N.C. (AP) — North Carolina's largest health insurer will be allowed to raise premiums by between 16 percent and 24 percent on policies that would have been canceled for failing to meet minimum requirements required by the federal overhaul law, the state's insurance commissioner said Tuesday.

Insurance Commissioner Wayne Goodwin said his office approved the rate increases as requested by Blue Cross and Blue Shield of North Carolina. The decision means people who had one of the nearly 152,000 cancelled policies could keep them next year at the higher cost.

The plans for customers who buy their own policies were being cancelled because they didn't include coverage for pre-existing conditions, hospitalization, prescription drugs, and seven other basic benefits. President Barack Obama announced two weeks ago that companies can continue offering policies that don't meet minimum requirements under the Affordable Care Act if insurers desire and state regulators approve.