DC Media: CareFirst Reserves Decision Delayed Again

Friday, August 13, 2010

Decision on D.C. insurance reserves pushed to October

Washington Business Journal – by Ben Fischer

D.C. insurance regulators won’t decide until at least October whether CareFirst BlueCross BlueShield’s premium-funded cash reserves are too big, according to an order published Aug. 6.

In a 26-page report, Gennet Purcell, commissioner of the D.C. Department of Insurance, Securities and Banking, said she cannot make a determination without knowing more about the impact that far-reaching federal health care legislation passed in March will have on CareFirst’s finances. Most of the record was developed in 2008 and 2009, before major congressional debate on the law.

Purcell reopened the case file until Sept. 30 and won’t make a final ruling until after then. By Sept. 3, CareFirst must provide detailed information and justification for costs associated with the new law. By Sept. 20, any members of the public or other experts may offer their own commentary, evidence or rebuttals to CareFirst’s information.

In 2009, the D.C. Council passed a law requiring Purcell to study the reserves held by CareFirst’s D.C. business unit, Group Hospitalization and Medical Services Inc.

Kevin S. Wrege, Esq.

President

PULSE Issues & Advocacy LLC

4410 Massachusetts Ave., NW, #150

Washington, DC 20016

Office: 202-625-1787

Mobile: 202-253-4929

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