ACA Extending Canceled Insurance Plans May Prove Unrealistic: Citi

President Barack Obama has announced that he will allow private insurance companies to extend policies that would have had to be canceled because they didn’t meet the requirements in the Affordable Care Act (ACA), but with just six weeks until the end of the year pulling back policies that were going to be scrapped might not be realistic. “Since the products were being canceled, insurers didn’t submit them for approval to state regulators,” writes Citi analyst Carl McDonald. “Before the product can be submitted, insurers have to go back and calculate 2014 premium rates. This didn’t happen before, because again,…