ITHACA, NY (607NewsNow) – Congressman Josh Riley is co-authoring a bipartisan bill aimed at corporate profits.

On March 20, along with Republican Representative Tom Barrett of Michigan, Riley introduced the Care Over Profits Act.

It would require health insurance companies to spend at least 85 percent of premium revenue on actual medical care and quality improvement, limiting the amount that can be diverted to overhead and profit.

“Upstate New Yorkers are getting screwed by health insurance companies that pocket premiums as profits, deny patients’ claims, and jack up out-of-pocket costs,” said Riley. “That has to change. My bipartisan Care Over Profits Act says the money Upstate New Yorkers pay in premiums needs to go toward your care, where it belongs, and not to corporate profits.”

The bill would also impose penalties on agents and brokers who make fraudulent ACA marketplace enrollments and plan changes without a patient’s knowledge or consent.

Read more from Riley’s Office here.