Opponents of insurance rate initiative spent big before election

Opponents of Proposition 45, a health insurance rate regulation initiative that was overwhelmingly defeated by California voters, spent big in the run-up to the November election.

Final campaign finance reports filed Monday with the secretary of state showed that opponents spent $55.7 million to defeat the measure, up from $42.1 million in the campaign’s Oct. 23 report.

Opponents, mainly hospitals, insurance companies and medical groups, raised $43.1 million, about $1 million more than reported in October.

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For the record

Feb. 3, 10:15 a.m.: An earlier version of this post reported that hospitals, insurance companies and medical groups had donated millions in support of Proposition 45. They oppose the proposal.

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Supporters, led by Consumer Watchdog, a Santa Monica activist group, reported final spending of $2.4 million, about the same as the October total. Contributions to the campaign were about $2.5 million.

Proposition 45 lost with 58.9% of voters statewide giving a thumbs down and 41.1 voting yes.

Supporters, including state Insurance Commissioner Dave Jones, argued that state regulation of health insurance rates was need to contain healthcare costs.

Opponents in a heavy media campaign took a contrary stance, saying rate regulation would make it harder to get health insurance.

Twitter: @MarcLifsher