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Coalition For A Fair & Competitive Insurance Market Says Senate Should Reject the Blues Attempt to Expand Their Unfair Advantage
Date:4/16/2008

ss from using its subscriber's reserves for purposes other than the purchase of the Accident Fund.

PA 350, Section 207(1)(X)(v):

(v) Health care corporation and subscriber funds are used only for the

acquisition from the state of Michigan of the assets and

liabilities of the state accident fund.

However the Blues have transferred more than $200 million to the Accident Fund since the original purchase.

"It appears that the Blues may be violating the so-called 'firewall' that the legislature put in place to prevent Blue Cross Blue Shield from using subscriber funds for purposes other than purchasing the Accident Fund," said Gallinger. "Before moving ahead with new laws, the legislature should determine if the Blues are even following the existing laws."

Coalition Supports Fair Competition not a Bluesopoly

The Coalition is planning to testify today that its members are not afraid of competition but are troubled by an unfair, unleveled playing field. There are more than 1,500 companies willing to compete for Michigan insurance business and only one is asking the legislature for permission to abuse a tax exemption and monopoly leverage to compete.

A Coalition member representing a small, East Lansing niche, company with 130 employees plans to testify today with concerns. American Physicians Assurance Corporation specializes in medical malpractice insurance for physicians.

"Many of them are small companies like ours," said Laura Kline, a Vice President of American Physicians Assurance Corporation. "Allowing Blue Cross to unfairly compete in the marketplace with us will not create any more jobs or economic activity. It will just make Blue Cross bigger, the market less competitive and in the long run charge everyone with higher prices."

Teri Morante, Assistant Vice President at the Citizens Insurance Company of America and its affiliates in The Hanover Insurance Group agreed
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SOURCE Coalition For A Fair & Competitive Insurance Market
Copyright©2008 PR Newswire.
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