Indiana-based Anthem Insurance Companies Inc. has received the go-ahead from its Board of Directors to adopt a plan of conversion from a mutual insurance to a stock insurance company. The process for demutualization saw the company file its plan of conversion with the Indiana Department of Insurance, which requires the approval of the IDI and Anthem’s members who have voting rights.
If the plan gets approval, eligible members would be able to receive compensation in either common stock or cash. If Anthem obtains all of the necessary approvals, it is likely that the demutualization process will be finalized by the end of 2001. The plan needs approval by two-thirds of the eligible voters.
A special meeting of those eligible members will be held at a date in the fall. Those eligible members can vote in person at the special meeting or by returning a proxy card.
A public hearing on the plan will be held by the IDI prior to the special meeting.
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