Blue Shield of California pledged today (June 7) to limit its annual net income to no more than 2% of revenue, a move the company said was “bold.”

The chairman of the U.S. Senate Committee on Commerce, Science and Transportation is offering suggestions on how health insurers nationwide can honor the intent of new mandates on medical loss ratio under new federal law without attempting to “game” the system.

A Maine court has sided with the state’s insurance regulator in her denial of an 18.1% average rate increase for residents enrolled through Anthem Health Plans of Maine.

A niche insurance company based in Elizabethtown, Pa. had its ratings outlook reduced to “negative” after a ratings service expressed concerns about its limited profitability over the last few years amid an increasingly competitive market.

After months of negotiations on a new deal regarding reimbursement rates, New York-based Stellaris Health Network said it can “no longer subsidize the record profits” of Empire Blue Cross Blue Shield and will end its contract with the health plan.

The five largest public U.S. health insurance companies generated record profits in 2009, according to a new report from Health Care for America Now (HCAN).

Eastern Insurance Holdings reported net income for the fourth quarter of $2.7 million, marking a turnaround from its $18.4 million in net losses reported for the same period in 2008.

Underwriting profitability improved modestly in the third quarter for U.S. property-casualty insurers, based on preliminary review of statutory financial data.