The New York Attorney General’s announcement of an agreement with Empire Blue Cross and Blue Shield, coupled with the Gov. Pataki’s submission of a bill clearing the way for Empire’s conversion, puts the final pieces in place to move forward on the restructuring.
State Insurance Superintendent Levin urged the Legislature to act swiftly on the proposed bill so that Empire could continue to “protect customers and policyholders by ensuring that it is well positioned in the marketplace and sufficiently capitalized.” The department’s regulatory oversight of the transaction is an ongoing process, Levin said. “As we move ahead in the restructuring process, we will work closely with Empire and the Attorney General, reviewing appointments to the foundation and other related boards.”
After holding public hearings, and making significant amendments to Empire’s original conversion plan, the insurance department approved the restructuring in December last year.
Was this article valuable?
Here are more articles you may enjoy.
Friend of Suspected FBI Data Thief: ‘Crazy’ Teen Warned Not to Hack Bureau 
NYC Restaurants Shut Off Air Conditioning, Close on Sundays as Costs Surge 
Business Interruption Claims Approach $1M Average, Says Allianz 
Kroger Plans to Slash 37% of Corporate Jobs in Next Three Years 
