PROVIDENCE, R.I. — Rhode Island has been awarded over $2.7 million under the federal health care law as part of an effort to ensure that health insurance rate increases are reasonable and insurers' pricing is transparent.

The so-called rate review grant is from the Centers for Medicare & Medicaid Services and is part of the federal health care overhaul.

A report by the U.S. Department of Health and Human Services this month found that rate reviews saved consumers about $1.2 billion in 2012 on health premiums over the amount initially requested by insurers.

The federal Affordable Care Act requires that insurance companies submit for review and justify proposed premium hikes of 10 percent or more.

Rhode Island's grant was among $67.6 million in awards given to 21 states.