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ISSUED 4/06/2004 FOR IMMEDIATE RELEASE

STATEMENT BY NEW YORK STATE INSURANCE SUPERINTENDENT GREGORY V. SERIO ON TODAY’S COURT OF APPEALS RULING IN THE MATTER OF EXCELLUS HEALTH PLAN

"We are clearly disappointed as this ruling today leaves New York's health insurance consumers without adequate protection against unreasonable rate increases. We're hopeful the Legislature will quickly take up the Department's health insurance rating legislation, which would restore appropriate regulatory oversight to the rate-setting process and protect all New Yorkers from the high cost of health insurance."

Department of Financial Services

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