Attorney General Beau Biden had claimed the Blue Cross-Highmark deal would represent a conversion under a 2004 law, which would force Blue Cross to dedicate a portion of its $175 million in reserves to a healthcare foundation for underserved Delawareans. Under the bill, state insurance Commissioner Karen Weldin Stewart would have authority over the use of the $175 million if the insurers merge.
Under the proposed Blue Cross-Highmark merger, Blue Cross could pay a fee to have access to Highmark’s more modern claims processing and risk management systems, while Highmark would be granted three board seats and significant control of the local company, according to the report.
Read the Delawareonline report on Blue Cross Blue Shield.
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