Navigation Links
Pennsylvania Insurance Department Approves Launch of Senior Health Care Oversight Trust
Date:11/12/2008

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 operate CSHI. Under the terms of the completed transaction, all of the stock of CSHI has been transferred to the Trust, including its $121 million of total adjusted capital as of September 30, 2008, to which an additional $175 million has been received from Conseco.

Ms. Bowler commented on behalf of the Board of Trustees: "We view the establishment of Senior Health Care Oversight Trust as a novel and innovative means of helping to maintain the entire focus of SHIP on protecting the interests of policyholders. The entire board will single-mindedly pursue that important objective."

"This unique structure aligns the interests of the Trust, management and regulators with those of SHIP's 140,000 long-term care policyholders," said Mr. Wells. "SHIP is being operated for the benefit of CSHI's long-term care policyholders and without a profit motive, so as to ensure that any future benefits from rate increases or policy changes will accrue solely to policyholders."

For more information, please visit SHIP's web site at http://www.SHIPLTC.com.

Contacts Kekst and Company

Thomas Davies 212-521-4873

Roanne Kulakoff 212-521-4837


'/>"/>
SOURCE Senior Health Insurance Company of Pennsylvania
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Governor Rendell Offers adultBasic Coverage to 35,000 Uninsured Pennsylvanians
2. Health and Business Groups Launch Ad Campaign About Need for Comprehensive Smoke-Free Law in Pennsylvania
3. NNN Healthcare/Office REIT Acquires 2750 Monroe Boulevard in Valley Forge, Pennsylvania
4. Pennsylvania Department of Aging Receives Grant to Improve Alzheimers Support
5. Pennsylvania Needs More Lung Cancer Research
6. Saint Vincent Health System of Erie, Pennsylvania Named One of AARP 2007 Best Employers for Workers Over 50
7. Pennsylvania Game Commission Announces EHD Confirmed in Allegheny and Westmoreland Counties
8. Maryland, Minnesota Go Smoke-free Oct. 1 - Pennsylvania Overdue in Following Suit
9. Pennsylvania Trauma Systems Foundation Accreditation Status for Trauma Centers
10. Health Secretary Urges Pennsylvanians to Get a Flu Shot
11. Governor Rendell Calls for Prompt Action on Prescription for Pennsylvania, Cover All Pennsylvanians Health Care Reforms
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... Sugar Land, TX (PRWEB) , ... February 12, ... ... the families of southwest Houston and surrounding communities by continuing it’s commitment to ... Fort Bend Family Promise. The organization works closely with area homeless families to ...
(Date:2/12/2016)... Rafael, CA (PRWEB) , ... February 12, 2016 , ... ... outside Des Moines, Iowa. Legacy Golf Club, located in Norwalk, serves as the host ... of the Year, Rob Randall. , “We have had successful camps in recent years ...
(Date:2/12/2016)... ... 12, 2016 , ... Yisrayl Hawkins, Pastor and Overseer at The House of ... he says are the real facts surrounding all those Bible stories. For generations families ... school teachers, and Yisrayl says there is more to these than just mere “stories”. ...
(Date:2/11/2016)... ... February 12, 2016 , ... Fitbody Personal Training offers outdoor training classes ... way to get fit and healthy. Located in Phoenixville, PA, the classes are structured ... designed for horseback riders who want to lose weight and tone up. This class ...
(Date:2/11/2016)... ... February 11, 2016 , ... Registered nurses, licensed practical nurses and ... “Stroke Management: Time to Act, Time to Heal” on Thursday, February 25 from 9:00 ... The presenter is Vishal Chedda, president of ANSA Consultants, who will discuss clinical best ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... 2016  Walgreens has committed to provide drug disposal ... Washington, D.C. as part of a program ... by shareholder advocacy organization As You Sow. Conrad ... people hold on to unneeded drugs because they lack easily ... --> Conrad MacKerron , Senior Vice President ...
(Date:2/11/2016)... 2016  MiMedx Group, Inc. (NASDAQ: MDXG ), ... and other birth tissues, human skin and bone, and ... advanced products and therapies, announced today that it will ... Conference in New York , NY.  ... J. Senken , Chief Financial Officer and Chris ...
(Date:2/11/2016)... fevereiro de 2016  A Proliant Biologicals anuncia, ... soroalbumina bovina (BSA -- Bovine Serum Albumin ... Ilha Norte da Nova Zelândia, em Feilding. ... fábrica da Proliant nos EUA, localizada em ... instalação dos equipamentos foram feitos de forma a ...
Breaking Medicine Technology: