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HEALTH INSURANCE COMPANY REBATES MONEY

 HEALTH INSURANCE COMPANY REBATES MONEY
 Today Golden Rule Insurance will present a symbolic check for


$150,000 to Kentucky Insurance Commissioner Ronnie Moore.
 The presentation will take place at 10 a.m. at the offices of The Department of Insurance, 229 West Main St., Frankfort.
 The check represents rebates to Golden Rule customers for health insurance premiums during 1991.
 The rebates are part of a pioneering program adopted by Kentucky to guarantee fair health insurance rates. The program is called "loss ratio guarantee." Under this program the commissioner and insurance companies reach voluntary agreements on fair health insurance rates.
 If claims are less than expected than the insurer makes refunds to customers with interest.
 State Representative Ramsay Morris, D-Hopkinsville, sponsored the original legislation. The Kentucky legislature adopted this program in 1990 with the support of then Lieutenant Governor (now Governor) Brereton Jones.
 At that time Kentucky became the second state in the nation to adopt this innovative program. (South Carolina adopted it in 1988.)
 Today ten states use loss ratio guarantee.
 "I take great pride in the fact that Golden Rule is the first company to give these rebates," said J. Patrick Rooney, chairman of the board of Golden Rule Insurance.
 "The point of loss ratio guarantee is not to make refunds, but to guarantee that rates are fair and reasonable. This year claims in Kentucky were lower than expected. In the past we would have kept the difference, now the customer gets it back."
 In addition to Kentucky, Golden Rule will be making small refunds in South Carolina.
 Four hundred thirty-four policies in Kentucky will receive refunds with the size of the refund ranging from $42 to $1145. The average refund will be $363.
 The size of the refund varies depending on whether the policyholder lived in Kentucky the whole year, the amount of premium paid, and the type of policy bought.
 Actual refund checks will be mailed out to eligible policyholders between Aug. 1 and Aug. 30.
 States that have followed Kentucky's lead include Florida, Georgia, Connecticut, Massachusetts, New Hampshire, West Virginia, Arkansas, and Colorado.
 Golden Rule, based in Lawrenceville, Ill., is the largest seller of individual health insurance in the United States.
 CONTACT: Michael Zanin of Golden Rule Insurance Company, 317-297-4123, or 800-926-7602, box 7620.
 -0- 7/31/92


BM -- CL002 -- 5433 07/31/92 08:04 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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