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By Patricia Meisol and Patricia Meisol,Staff Writer | July 9, 1992
While Maryland's largest health insurer opens its books to congressional investigators, a second Blue Cross and Blue Shield plan that covers nearly half a million Marylanders also has emerged as a focus in a growing probe into the health-insurance industry.Blue Cross and Blue Shield of the National Capital Area, the largest insurer of federal employees, got the same demand yesterday that a U.S. Senate panel delivered to Blue Cross and Blue Shield of Maryland: a subpoena for a decade's worth of records regarding its finances and those of its subsidiaries.
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BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | July 16, 2004
In another defeat for a Blue Cross plan seeking to switch to for-profit operation, the insurance commissioner in the state of Washington yesterday rejected a for-profit conversion proposed by Premera Blue Cross. Maryland's CareFirst BlueCross BlueShield had its controversial plan to become a for-profit blocked 16 months ago. Since then, the Kansas Supreme Court upheld that state's earlier rejection of a conversion, Blue Cross and Blue Shield of North Carolina withdrew its conversion application, and Horizon Blue Cross and Blue Shield of New Jersey announced it was dropping its exploration of conversion.
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BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | December 24, 1997
The Maryland and District of Columbia Blue Cross plans won regulatory approval yesterday to combine their business operations -- a move that would create the region's largest health insurer, covering 2 million people.In their orders approving the consolidation, the Maryland and District of Columbia insurance commissioners both imposed conditions designed to give them more regulatory control and to protect charitable assets of the nonprofit insurers.The two Blue Cross plans had no comment on the orders yesterday, saying they needed time to analyze the 63-page Maryland document and the 22-page D.C. order.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | April 30, 2002
CareFirst BlueCross Blue- Shield's already-controversial plan to sell itself encountered more turbulence yesterday, as a substantially smaller Blue Cross plan in Virginia announced plans to sell itself for triple the amount CareFirst negotiated for itself. The new transaction raised questions as to whether CareFirst had undervalued itself, and fueled speculation over a strategic battle to acquire mid-Atlantic Blues plans. CareFirst warned that the deals can't be compared directly. But opponents - who object not just to price but to the idea of nonprofit CareFirst being acquired by a for-profit company - said this offers another reason the deal should be blocked.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 5, 1997
An article in yesterday's editions incorrectly reported the time for a hearing by the Maryland Insurance Administration on a proposed business consolidation between the Blue Cross plans of Maryland and the District of Columbia. The hearing will be 9: 30 a.m. Monday, Nov. 10, at 211 E. Madison St., Baltimore.The Sun regrets the error.WASHINGTON -- Regulators should impose restrictions on the proposed business consolidation between the Maryland and District of Columbia Blue Cross plans to preserve charitable assets in the event they convert to for-profit status, the representative of a consumer group said yesterday.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 6, 1997
WASHINGTON -- Two consumer groups yesterday asked regulators to block a business consolidation between the Maryland and District of Columbia Blue Cross plans because the insurers give such poor service.The groups testified at the last day of a hearing by the D.C. commissioner of insurance and securities regulation. The two Blue Cross plans propose to create a nonprofit holding company that would control both their boards. The plans would combine some products and administrative functions.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 26, 1997
The District of Columbia insurance commissioner should take steps to conserve charitable assets of the D.C. Blue Cross plan and to block potential executive severance payouts of as much as $3 million, the D.C. corporation counsel has recommended.The corporation counsel -- the district's equivalent of an attorney general -- called for a number of conditions to be imposed if Commissioner Patrick Kelly approves a "business combination agreement" between the D.C. plan and Blue Cross Blue Shield of Maryland.
BUSINESS
August 7, 1997
Green Spring Health Services of Columbia will "certainly look at strategic opportunities," but will not merge with a similar company being acquired by Green Spring's majority owner, said Clarissa Marques, executive vice president of Green Spring and Magellan Health Services.Magellan, based in Atlanta, owns 61 percent of Green Spring, a company which provides managed-care services in mental health.Magellan said Tuesday that it would buy Salt Lake City-based Human Affairs International from Aetna U.S. Healthcare in a deal valued at $422 million.
NEWS
By Patricia Meisol and Patricia Meisol,Staff Writer | July 3, 1992
WASHINGTON -- Maryland's insurance commissioner accused the state's largest health insurer, Blue Cross and Blue Shield of Maryland, of poor management yesterday, saying its executives set up money-losing subsidiaries outside his purview, ignored regulatory orders and have spent lavishly on themselves and others at a time when the insurer appears "barely solvent."In testimony before a Senate panel investigating abuse and fraud in the insurance industry, John A. Donaho expressed concern about Blue Cross' ability to cover claims.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 8, 1997
Maryland's insurance commissioner should consider requiring a proposed new holding company that would control the Blue Cross plans of Maryland and the District of Columbia to be incorporated as an insurance company, assuring regulatory control, a consultant's report recommends.Also, the report says, the commissioner should develop a method for valuing the assets of the two Blue Cross plans and for allocating the assets if the insurers ever convert to for-profit status.KPMG Financial Services Consulting submitted its recommendations yesterday to Steven B. Larsen, the Maryland insurance commissioner.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 22, 2001
The state medical society said yesterday that it opposes CareFirst BlueCross BlueShield's plan to convert to for-profit status in a $1.3 billion deal, and the House speaker, the state hospital association and the leader of a consumer group also expressed strong reservations. Their questions, they said, centered on concerns that the Blue Cross plan has abandoned its original purpose as a nonprofit insurer. "That's one of the main questions here," House Speaker Casper R. Taylor Jr. said yesterday.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | May 12, 2001
CareFirst BlueCross BlueShield is getting closer to filing for conversion to for-profit status, with a possibility that the conversion will include being acquired, House Speaker Casper R. Taylor said yesterday. The three companies considered by analysts to be the most likely potential acquirers - WellPoint Health Networks Inc., Trigon Healthcare Inc. and Anthem Inc. - declined to say whether they're talking with CareFirst, but all said they are interested in growth. "Everybody in this industry is talking to everybody," said Brooke Taylor, vice president for corporate communications for Trigon, which operates the Blue Cross plan in Virginia.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF Reporter Sean Somerville contributed to this article | May 19, 1998
Larry C. Glasscock, chief executive of the District of Columbia Blue Cross plan, walked away with a $2.8 million severance package when his company joined with Blue Cross Blue Shield of Maryland.The payout to Glasscock was part of a $13 million one-time charge reported yesterday by the two Blue Cross plans in their quarterly reports.Glasscock left in March to become senior executive vice president and chief operating officer of Anthem Inc., an Indiana insurer that runs Blue Cross plans in four states.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | December 24, 1997
The Maryland and District of Columbia Blue Cross plans won regulatory approval yesterday to combine their business operations -- a move that would create the region's largest health insurer, covering 2 million people.In their orders approving the consolidation, the Maryland and District of Columbia insurance commissioners both imposed conditions designed to give them more regulatory control and to protect charitable assets of the nonprofit insurers.The two Blue Cross plans had no comment on the orders yesterday, saying they needed time to analyze the 63-page Maryland document and the 22-page D.C. order.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 26, 1997
The District of Columbia insurance commissioner should take steps to conserve charitable assets of the D.C. Blue Cross plan and to block potential executive severance payouts of as much as $3 million, the D.C. corporation counsel has recommended.The corporation counsel -- the district's equivalent of an attorney general -- called for a number of conditions to be imposed if Commissioner Patrick Kelly approves a "business combination agreement" between the D.C. plan and Blue Cross Blue Shield of Maryland.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 8, 1997
Maryland's insurance commissioner should consider requiring a proposed new holding company that would control the Blue Cross plans of Maryland and the District of Columbia to be incorporated as an insurance company, assuring regulatory control, a consultant's report recommends.Also, the report says, the commissioner should develop a method for valuing the assets of the two Blue Cross plans and for allocating the assets if the insurers ever convert to for-profit status.KPMG Financial Services Consulting submitted its recommendations yesterday to Steven B. Larsen, the Maryland insurance commissioner.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF Reporter Sean Somerville contributed to this article | May 19, 1998
Larry C. Glasscock, chief executive of the District of Columbia Blue Cross plan, walked away with a $2.8 million severance package when his company joined with Blue Cross Blue Shield of Maryland.The payout to Glasscock was part of a $13 million one-time charge reported yesterday by the two Blue Cross plans in their quarterly reports.Glasscock left in March to become senior executive vice president and chief operating officer of Anthem Inc., an Indiana insurer that runs Blue Cross plans in four states.
NEWS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | March 28, 1991
The chairman of Blue Cross and Blue Shield of Maryland says the state's largest health insurer is "financially sound" even though it is one of 11 regional Blue Cross plans with surpluses below regulatory standards.Carl J. Sardegna, the Blue Cross chief, also said he is confident that the insurer's financial condition will not hamper its proposed takeover of troubled CareFirst Inc., one of Maryland's largest health-maintenance organizations.However, state Insurance Commissioner John A. Donaho said that if the acquisition is approved, conditions might be attached that would limit how the new, enlarged HMO would operate.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 6, 1997
WASHINGTON -- Two consumer groups yesterday asked regulators to block a business consolidation between the Maryland and District of Columbia Blue Cross plans because the insurers give such poor service.The groups testified at the last day of a hearing by the D.C. commissioner of insurance and securities regulation. The two Blue Cross plans propose to create a nonprofit holding company that would control both their boards. The plans would combine some products and administrative functions.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 5, 1997
An article in yesterday's editions incorrectly reported the time for a hearing by the Maryland Insurance Administration on a proposed business consolidation between the Blue Cross plans of Maryland and the District of Columbia. The hearing will be 9: 30 a.m. Monday, Nov. 10, at 211 E. Madison St., Baltimore.The Sun regrets the error.WASHINGTON -- Regulators should impose restrictions on the proposed business consolidation between the Maryland and District of Columbia Blue Cross plans to preserve charitable assets in the event they convert to for-profit status, the representative of a consumer group said yesterday.
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