Home Add to Favorite Contact Submit  
           19 March, 2024


    
Category:  Press » Legal

 

Blue Cross Blue Shield of Michigan Responds to Attorney General's Complaint, Says Transaction Was Legal and Fully Authorized

Popularity:
         Views: 3351
2008-07-03 06:13:42     
Blue Cross Blue Shield of Michigan

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.

Specialized in: Hmo - Ppo - Point Of Service - Health Care Coverage - Health Benefits - Personal Health Insurance - Health Plans - Group Coverage - Individual Coverage - Group Health Plans - Individual Health Plans - Dental Insurance - Vision Insurance - Insurance Carrier - Bcbsm
URL: http://www.bcbsm.com
Print press release      Bookmark this page
Related Press releases 
Surveillance Limited investigate the information you need (Popularity: ): Surveillance Limited are surveillance specialists and have the unique selling point that all of their staff have at some point worked on Scotland Yard’s dedicated surveillance teams and have over 20 years of surveillance experience. They are highly experienced, accustomed to working in hostile environments, obtaining and collating intelligence and presenting evidence at court.Surveillance Limited provide their clients with the assurance of total discretion and confidentiality in all the services ...
Forensic Accountants Crucial in Gulf Oil Spill (Popularity: ): Forensic accountants will be instrumental on who gets how much money from the $20 billion fund set aside by BP as we approach the 71st day of the oil spill in the Gulf of Mexico.According to Joe Epps, President of Epps CPA Consulting PLLC, (www.eppscpa.com) the current focus of the fund is on economic damages, not liability. "This is what many forensic accountants do - they measure and support economic ...
Construction Dispute Resolution Company "Contract Dispute Solutions" Launch Partnership Programme (Popularity: ): The construction and development sector of the UK and Global economy offers high value earning market opportunities in terms of both dispute resolution and dispute avoidance but many organisations are not positioned to maximise the opportunities.The main advantages of creating a strategic partnership with Contract Dispute Solutions www.contractdisputesolutions.co.uk include:•Added service provision to satisfy client's objectives. •Little, if any, investment risk. •Little, if any, overheads. •Client Base protected. •Construction and development ...
Time for International Community to Act on Thai Political Crisis, Says Thaksin Lawyer (Popularity: ): Robert Amsterdam, a lawyer acting on behalf of the former Prime Minister of Thailand Thaksin Shinawatra, calls upon the international community to respond to the Thai government's violent crackdown on protestors in Bangkok.According to recent media reports, at least 17 people are confirmed dead and 140 injured, many seriously, after the Thai military opened fire with live ammunition on red shirt protesters in the centre of Bangkok yesterday. Three foreigners ...
Amnesty International Outraged at President Obama's Possible Flip Flop on Detainee Trials (Popularity: ): Larry Cox, Amnesty International USA executive director, issued the following statement in response to news reports that the Obama administration is considering to try 9/11 detainees in military commissions after stating that the men would be tried in federal courts. A final decision is expected within the next two weeks:"Hope and change will not rectify the damage today to the United States' international reputation. Change requires more than hope; it ...


Related Business 
Blue Cross and Blue Shield Of Georgia, Inc. (Popularity: ): Loretta Hunt is your Atlanta health insurance agent representing Blue Cross Blue Shield of Georgia. A company that has consistently served the health care needs of Georgians since the 1930's and is known for its stability and community presence. At Blue Cross Blue Shield of Georgia we offer Individual and family health plans for ages zero to sixty-five plus. Weather you are in need of a Short Term Medical policy, ...
Paul Shnable (Popularity: ): Authorized for Blue Cross & Blue Shield in North San Diego County offering life and health insurance.
Dan Abrams Blue Cross (Popularity: ): Blue Cross Blue Shield for California and Texas. Group health insurance in six states.
Employee Benefit Risk Management, Inc. (Popularity: ): A general agency for Blue Cross and Blue Shield in Illinois.
Blue Cross Blue Shield of Michigan (Popularity: ): Health and dental insurance carrier providing information and online forms for card holders, physicians, dentists, hospitals and group customers.
Blue Shield Of California (Popularity: ): Blue Shield offers a range of health, dental and life insurance coverage for individuals and families. We'll help you determine your needs and get an online quote. Blue Shield of California, an independent member of the Blue Shield Association, is a not-for-profit health plan dedicated to providing Californians with access to high-quality health care at a reasonable price.
Plan Credit Union (Popularity: ): Serving the employees of Blue Cross and Blue Shield of Massachusetts.
Calhealth.net (Popularity: ): Provides Blue Cross and Blue Shield of California quotes, plan information, and applications.
Anthem (Popularity: ): Blue Cross and Blue Shield licensee currently in 8 states.
Jennings & Jennings Insurance Services (Popularity: ): Authorized agent for Blue Cross Blue Shield of California and Arizona. Offers health insurance, short-term medical plans, and international medical plans.