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Friday, March 20, 2015

CareFirst is defying a D.C. order to reinvest $56M in surplus

CareFirst BlueCross BlueShield has no plans to follow an order by D.C.'s insurance agency to reinvest $56 million of its overall surplus toward community benefits in the District.

In a report filed Monday with the D.C. Department of Insurance, Securities and Banking, CareFirst said it has already fulfilled its obligations in the District and won't comply. CareFirst said it filed an appeal in the Court of Appeals for D.C.

The Owings Mills-based insurer said its overall surplus belongs to subscribers across its entire service area, including Maryland and Virginia — adding it must also abide by a conflicting order from Maryland regarding the size of its reserves.



Anonymous said...

I thought surpluses were to be returned to the consumer?

Anonymous said...

As they say, it belongs to the subscribers, who put it there to begin with. They should get their shares in and amount to completely exhaust the surplus.
It doesn't belong to government, and government should have no say in where it goes, other than to enforce its return to the subscribers, the rightful owners.

Anonymous said...

Yes, I want my part of the surplus too. To give back part of my deductible and some things that are denied coverage.

Probably what caused part of the surplus to begin with.