WellPoint Inc in California is on the verge of reviewing the new request for an increase in insurance rates for individual plans. This resulted in a drop of 9% in the share rates of the insurer. Other insurers also saw at least a 5% drop in their shares and expressed their concerns that this would make working conditions harder with the new healthcare law also in effect.

Anthem Blue Cross owned by WellPoint proposed to review the rates filed with the CDI and CDMHC soon.

WellPoint said "(We will) address inadvertent miscalculations related to the way in which we estimated our future medical costs in our initial filings."

California's insurance commissioner Steve Poizner said he found various errors in Anthem Blue Cross’s books. "We notified Anthem of these errors and they admitted to the mistakes," Poizner stated.

An increase of up to 39% for consumers was opposed by many as Democrats almost pass the bill in California

Angela Braly, Chief Executive Officer at WellPoint said the increase was required to cover the high medical bills.

Kathleen Sebelius U. S. Health Secretary was pleased with WellPoint decision. She said, "Good news for the more than 800,000 Californians who could have been hit with massive rate increases and gives them some much-needed temporary relief."

WellPoint’s first quarter performance result showed that it was on a loss and was performing below the expected turnout.

WellPoint closed 8.9% lower at New York Stock Exchange, Friday.