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New York Orders 11 Insurers to Refund Money for Overcharges

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WellPoint Inc., the largest U.S. insurer by enrollment, and Aetna Inc., the third biggest, are among 11 insurers ordered to refund money to almost 600,000 New Yorkers who were charged too much for health insurance.

New York Governor Andrew M. Cuomo told the insurance companies they had to give back $114.5 million to policyholders because the carriers failed to spend the minimum 82 cents of each premium dollar on health care as required by the state, Cuomo said today in a statement. The mandate to spend a certain amount on medical care also is a federal requirement under the 2010 U.S. health overhaul law.