SAN FRANCISCO (CBS/AP) — Proposition 45, which asked voters if they want the state insurance commissioner to regulate health care rates for small businesses and individual health plans, appeared to be heading toward defeat Tuesday.

As of 10:44 p.m., with 36% of precincts reporting, No votes outnumbered Yes, 1,889,753 to 1,247,287.

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Initiative proponents, led by Democratic Insurance Commissioner Dave Jones and Consumer Watchdog, a Santa Monica-based consumer group with backing from attorneys, said the initiative would add transparency to the rate-setting process and force health insurance companies to justify their decisions.

Opponents, including a coalition of hospitals, doctors and firefighters with major funding from health plans, said it would have a detrimental effect on California’s ability to deliver lower-cost health coverage under the Affordable Care Act. They said it’s a flawed initiative that would give too much power to the insurance commissioner.

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