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The private companies selling individual plans in the New York State of Health marketplace had asked for rate increases averaging 24 percent, but the state instead approved rate increases averaging 8.6 percent.
While federal law has made banking difficult for the medical marijuana industry, Cuomo's administration said it "stands ready to work with our chartered institutions to assist them in moving forward toward commencing operations in a safe and sound manner."
The 14 insurers operating in the state’s individual health insurance marketplace requested, on average, a 24 percent rate hike, up significantly from last year’s average requests of 17 percent.