Comment Sought on Blue Cross Proposal
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The state Department of Corporations said it is seeking public comment on the proposal by create a new public charity.
Last year, Woodland Hills-based Blue Cross spun off most of its nonprofit health insurance programs into a new for-profit subsidiary, Wellpoint Health Networks. Blue Cross retained an 80% ownership stake in Wellpoint, and state regulators and consumer advocates have argued that Blue Cross should compensate the public for the tax-exempt status it had enjoyed while it built its health insurance business.
Blue Cross responded on Sept. 15, when it unveiled a plan to create a new public charity with assets of more than $2 billion to fund health programs throughout the state. That plan is subject to review by the Department of Corporations.
The department asks that public comments concerning the plan be submitted in writing by 5 p.m. on Oct. 31 to the Office of the Commissioner, Department of Corporations, 3700 Wilshire Blvd., Los Angeles, 90010.
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