The Blue Cross Blue Shield Association warned against a new GOP ObamaCare bill on Wednesday, saying it would "undermine" protections for pre-existing conditions.

"The bill contains provisions that would allow states to waive key consumer protections, as well as undermine safeguards for those with pre-existing medical conditions," the association said in a statement.

The bill would allow states to repeal ObamaCare rules that prevent people with pre-existing conditions from being charged higher premiums.

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The group, a top association of health insurers, also warned against funding cuts in the bill, saying the block grants it would create could be too small.

"The legislation reduces funding for many states significantly and would increase uncertainty in the marketplace, making coverage more expensive and jeopardizing Americans’ choice of health plans," the statement said.

The statement did not explicitly oppose the bill but said the group has "significant concerns" with it.

The Blue Cross association is the first major health insurance group to warn against the bill. The major groups representing doctors and hospitals have already opposed the measure.