Md. rules CareFirst reserves not excessive

NEWS IN BRIEF — Posted Jan. 25, 2010

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Mid-Atlantic BlueCross BlueShield-affiliated plan CareFirst is not carrying too much money in reserve, according to a Jan. 8 report from the Maryland Insurance Commissioner.

Commissioner Ralph Tyler, who issued the report on his last day on the job before leaving for the Food and Drug Administration, recommended that the state Legislature mandate that the state's Insurance Administration review the company's reserve levels every five years.

On Oct. 30, 2009, a report commissioned by Tyler's office also said CareFirst's reserves were not excessive. He followed up with his own report.

CareFirst operates mostly in the District of Columbia and Maryland. The District's insurance commissioner also has been reviewing the company's finances for months and agreed last fall to coordinate efforts with Tyler's office.

As of Jan. 11, no finding had been released from the D.C. commissioner, and there was no timeline set for the ruling to be released.

CareFirst's D.C. subsidiary, Group Hospitalization and Medical Services, reported reserves of $687 million at the end of 2008. Its Maryland subsidiary, CareFirst of Maryland, reported reserves of $394 million at the end of 2008.

Note: This item originally appeared at

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