Nov 5th, 2009 - Philly
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In a letter to Cigna chairman H. Edward Hanway this week, Rockefeller also accused Cigna and the other companies of keeping two sets of books: telling Wall Street investors they're spending less on medical care and pocketing the difference, while telling customers and regulators they're spending more.
Rockefeller noted that some states set minimum limits for how much of every premium dollar has to go to medical care instead of advertising, dividends, or other expenses. "These minimum ratios range from a low of 50 percent in Pennsylvania to a high of 80 percent in neighboring New Jersey," he wrote, citing America's Health Insurance Plans, an industry lobby.
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