Insurance Industry: Obama's Fix Could Be Costly

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State insurance commissioners are sounding an alarm about the president's push to restore insurance policies cancelled under Obamacare.

America's Health Insurance Plans, the main trade group for the health insurance industry, also issued a warning.

"Changing the rules after health plans have already met the requirements of the law...could destabilize the market and result in higher premiums for consumers," AHIP President Karen Ignagni said in a statement.

American Center for Law and Justice Executive Director Jordan Sekulow said the president's action isn't a fix.

"The president acknowledged the first problem with this is state insurance commissioners have to approve any insurance plans," Sekulow told CBN News.

"First, the insurance company has to draft a new plan," he explained. "Then, it has to be approved by the state insurance commissioner. Then it still has to go through the process of a person actually buying it. This all would have to be done in a month."

Others warn that even if the cancelled policies are recreated, the costs for those plans could still go up.

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