Effective Today, Independent Trust Now Operating Former Conseco Senior Health Insurance Company Long-Term Care Insurance Business for the Sole Benefit of Policyholders
HARRISBURG, Pa., Nov. 12 /PRNewswire/ -- The Pennsylvania Insurance Department (the "Department") announced today that it has approved the separation, effective today, of Senior Health Insurance Company of Pennsylvania (formerly Conseco Senior Health Insurance Company) ("SHIP") from Conseco, Inc. As a result of the transaction, the long-term care business of SHIP will be managed by SHIP, subject to the oversight of the Senior Health Care Oversight Trust (the "Trust") and, for certain matters, the Department.
The Oversight Trust is to be governed by an independent Board of
Trustees composed of former insurance regulators and financial experts. The
Trust will also have as a member the former Surgeon General of the United
States, Dr. C. Everett Koop, who is an authority on health care issues
affecting seniors. The Trust will manage SHIP as a non-profit organization
the sole purpose of which is to satisfy the obligations of the insurance
coverages underwritten by SHIP. The Trust and SHIP will be subject to
oversight from the Department. In addition to Dr. Koop, the Board of
Trustees consists of:
-- Julianne M. Bowler, lead trustee and former Commissioner, Massachusetts
Department of Insurance
-- Gregory V. Serio, former Superintendent of Insurance, State of New York
-- Cecil D. Bykerk, former Chief Actuary, Mutual of Omaha and President,
Society of Actuaries
-- John W. Wells, President and Chief Executive Officer of SHIP
Management transferred from Conseco to SHIP includes John Wells, who will serve as the President and Chief Executive Officer of SHIP, and his senior management team for operations and finance.
On August 11, 2008, Conseco, Inc. announced its intention for an
independent trust to be formed to own and
|SOURCE Senior Health Insurance Company of Pennsylvania|
Copyright©2008 PR Newswire.
All rights reserved