The petition would require about 505,000 signatures from registered votes to appear on the statewide ballot in Nov. 2012, once cleared for circulation. The initiative is expected to spur controversy among insurance and healthcare providers.
The health insurance measure would update Proposition 103, an initiative approved by California voters in 1988 that placed strict regulations on auto and homeowner insurance.
Under the proposed initiative, health insurance executives could also be prosecuted for perjury if they provide inaccurate information about the reason for rate hikes.
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