Blue Cross Blue Shield of Delaware is lobbying legislators to revise a 2004 law used by Attorney General Beau Biden to support a ruling that the insurer must create and fund a foundation for uninsured Delawareans as a condition of its proposed merger with Pittsburgh health insurer Highmark Inc.
Without legislative action, Biden's ruling could break up the Highmark deal and trigger a sale of Blue Cross to a for-profit insurer, the Delaware insurer contends in a letter to legislators last week.
Biden issued his ruling earlier this month, drawing from a 2004 law that calls for the state to protect public investment into nonprofit companies that had become takeover targets. The law essentially allows Biden to claw back tax breaks Blue Cross received because of its nonprofit status by labeling the deal a "not-for-profit healthcare conversion."
2 comments:
so attorney generals are crushing the largest health insurer in DE? way to go, THAT is going to help the people who actually PAY for that service, NOT!!!!!!
This is the same Biden that turned down a FOIA because it put an elected official in danger of attach from terrorists.
The Bidens need to be sent back to PA where they came from and be replaced with people who aren't part of the good ole boy crew in Delaware.
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