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:5/31/2016)... ... ... the day, adults often find themselves reaching for a cup of coffee, an energy drink, ... for instead is a cup of Matcha green tea. Matcha is a premium green tea ... harvested from early June to mid-July, when the leaves are the most tender. , ...
(Date:5/31/2016)... ... May 31, 2016 , ... St. ... (Healthconnect) regional health information exchange, which enables physicians at SJMC’s two hospital campuses, ... from other participating organizations in the exchange. SJMC’s membership in the health information ...
(Date:5/31/2016)... (PRWEB) , ... May 31, 2016 , ... DDL, Inc. ... American Association for Laboratory Accreditation (A2LA) to include ISO 594-1 and ISO 594-2 testing ... means of achieving a leak-free connection between two medical devices (e.g. a syringe and ...
(Date:5/31/2016)... ... May 31, 2016 , ... The successful implementation of “lean ... laboratories as well. However, laboratories have different challenges compared to manufacturing environments. , ... in the lab, METTLER TOLEDO has developed the Lean Lab Checklist . This ...
(Date:5/31/2016)... ... May 31, 2016 , ... In his latest ... personality traits in humans. Using presidential candidate Donald Trump as an example, Kalsi ... , “AstroNumerology is not about adding numbers up,” says Kalsi. “It is about ...
Breaking Medicine News(10 mins):
(Date:5/27/2016)... Amarantus BioScience Holdings, Inc. (OTCQX: AMBS), ... and Orphan Diseases, today announced that President & CEO Gerald ... SeeThru Equity MicroCap Conference   Where: ... , NY When: Tuesday, May 31 st , ... Where: Grand Hyatt Hotel, 109 East 42 nd St, ...
(Date:5/26/2016)... May 26, 2016 According to a ... Management Market - U.S. Industry Analysis, Size, Share, Growth, Trends, ... in the U.S. was valued at US$ 5.89 Bn in ... 3.4% from 2015 to 2023 to reach US$ 7.99 Bn ... current and emerging needle free drug delivery devices and the ...
(Date:5/26/2016)... , May 26, 2016 ... With Both Cost Savings and Overall Decreased ... (LSE: BTG), an international specialist healthcare company, has ... the 21st Annual Meeting of ISPOR (International Society ... of hepatocellular carcinoma (HCC) using yttrium-90 glass microspheres ...
Breaking Medicine Technology: