Final Piece in Place for Empire Blue Cross and Blue Shield Conversion

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.