Navigation Links
Blue Cross Blue Shield of Michigan Responds to Attorney General's Complaint, Says Transaction Was Legal and Fully Authorized
Date:7/2/2008

DETROIT, July 2 /PRNewswire/ -- The Michigan Attorney General announced on July 2 he was filing a lawsuit against Blue Cross Blue Shield of Michigan challenging a capital transaction between BCBSM and Accident Fund.

The Attorney General has taken the position that BCBSM is not authorized by Public Act 350 to do the transaction. We strongly disagree and, in fact, Accident Fund obtained prior regulatory approval for the transaction. BCBSM will be litigating the civil matter in state circuit court.

BCBSM owns and operates subsidiaries, including Accident Fund. Our subsidiaries are a stabilizing influence on BCBSM health insurance rates for our more than 4.6 million members. Our subsidiaries help BCBSM operate on a financial margin of one-tenth of one percent on its health care business. Accident Fund's national growth has returned hundreds of new jobs and economic growth to Michigan. The reason why we are able to subsidize care for seniors, low income children and others in need of access is because of the strength of our subsidiaries.

The transaction was fully disclosed last year when Accident Fund filed a disclosure form with our regulator, the Office of Financial and Insurance Regulation. In addition to the regulatory approval, the Insurance Commissioner recently conveyed to the Michigan Legislature that the transaction was proper. The Attorney General's office also was notified in advance of the transaction last year and no concerns were expressed.


'/>"/>
SOURCE Blue Cross Blue Shield of Michigan
Copyright©2008 PR Newswire.
All rights reserved

Page: 1

Related medicine news :

1. Breast cancer prevention practices vary across Canada
2. S.C. BlueCross Creates Corporate Planning Unit, Promotes Davis to Vice President
3. S.C. BlueCross to Integrate Care Management with Personal Health Record in Real Time
4. BlueCare(R) Family Plan, a HUSKY Health Plan from Anthem Blue Cross and Blue Shield in Connecticut, Raises Awareness, Funds and Diapers for New Haven Diaper Bank
5. Blue Cross Blue Shield of Michigan Corrects News Story about Drug Coverage Announcement
6. Independence Blue Cross Makes Music for Members Ears
7. Hundreds of RNs from Across U.S. and World to Join California Nurses Association/NNOC National Convention
8. Sean P. McLaughlin Joins Red Cross as Chief of Operations Support
9. Harvard Researchers Select S.C. BlueCross for National Honor
10. Highmark Blue Cross Blue Shield Introduces New Health Plan Comparison Tool for Consumers
11. Blue Cross and Blue Shield Initiatives Recognized for Increasing Patient Safety and Efficiency
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... ... 23, 2017 , ... Hamlin Dental Group and Dr. Hamid Reza, dentist ... Throughout the month of February, patients who visit Hamlin Dental Group will receive a ... for two at the Cheesecake Factory. , Tickets are available for routine dental ...
(Date:2/23/2017)... ... February 23, 2017 , ... On April 13, 2017, ... on “Doping in Sport: How the Culture Might Change,” in conjunction ... The symposium will be held at Pepperdine University in Malibu, California. , Sir ...
(Date:2/23/2017)... ... February 23, 2017 , ... ... in clinical trials, today announced that Premier Research, a leading clinical development service ... Clinical trials are becoming increasingly complex, due in part to an array of ...
(Date:2/23/2017)... ... February 23, 2017 , ... The Center for Autism ... Consortium for Autism Research and Treatment (RI-CART) and Cinemaworld to present Sensory Friendly ... (ASD) to see films in an environment that accommodates their unique needs. , ...
(Date:2/23/2017)... ... February 23, 2017 , ... Top cosmetic and periodontal ... program today with a new Indiegogo campaign . Individuals are now able ... in the Los Angeles area, either as a participating patient or through an Indiegogo ...
Breaking Medicine News(10 mins):
(Date:2/23/2017)... , 23. Februar 2017 Im Rahmen ... nationale Wirtschaftszone in der südwestlichen chinesischen Provinz Guizhou, 2017 mit ... einer Innovationsplattform aktiv an der Entwicklung einer eingebetteten Hightech-Schlüsselindustrie. ... Continue Reading ... ...
(Date:2/23/2017)... , Feb. 23, 2017 Regulus ... the discovery and development of innovative medicines targeting microRNAs, ... year 2016 financial results on Thursday, March 2, 2017 ... a conference call and webcast on March 2, 2017 ... and full year 2016 financial results and provide a ...
(Date:2/23/2017)... ... Research and Markets has announced the addition of the "Global ... report to their offering. The Global Antifungal Drugs Market ... next decade to reach approximately $12.8 billion by 2025. ... the given segments on global as well as regional levels presented in ...
Breaking Medicine Technology: