Speaker of the House Nancy Pelosi's office also came to the defense of the new law, saying in a statement that, "Under the law, workers and businesses will have access to affordable health coverage choices and we are moving toward a system where more of the premiums will go to provide benefits instead of paying for insurance companies' administrative costs."
Medical loss ratio guidelines -- the ratio of medical expenses to administrative spending -- have not been issued yet but the new law sets new stricter guidelines that raise the percentage of the premium dollar that should go to medical care rather than administrative costs and profits. Some "mini-med" plans are eligible for waivers.
The new limits are due to go into effect in January.
Republicans today painted the report as another support for their argument that the health care law should be repealed.
Speaking at the American Enterprise Institute, House Minority Leader John Boehner, R-Ohio, promised to repeal what he called the monstrosity of a health care bill if Republicans gain majority of the House after the mid-term elections.
"If you believe, as I do, that Obamacare will ruin the best health care delivery system in the world, and, as I do, believe it will bankrupt our country, we've made it clear we want a repeal of Obamacare and to replace it with common sense reforms that will bring down the cost of health insurance," Boehner said. "When I say we're going to do everything to make sure that this law does not go into effect, I mean that we will do everything. Is that clear?"
ABC News' Devin Dwyer, Ben Krolowitz and Brian Hartman contributed to this report.