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D.C. delays decision on CareFirst's reserves

NEWS IN BRIEF — Posted Aug. 30, 2010

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District of Columbia Commissioner of Insurance, Securities and Banking Gennet Purcell has again postponed a decision about whether health plan CareFirst's D.C. subsidiary, Group Hospitalization and Medical Services Inc., holds too much money in reserve.

The commissioner's office released an order Aug. 6 asking the Maryland-based BlueCross BlueShield plan for more information about how it would be affected by federal health system reform.

The commissioner's decision will be delayed until October at the earliest, more than a year after the district held hearings on the matter Sept. 10, 2009.

As of Dec. 31, 2009, CareFirst's D.C. subsidiary held $761 million in reserve, according to Purcell's order.

Former Maryland Insurance Commissioner Ralph Tyler released a report on Jan. 8 finding CareFirst's reserves for its Maryland subsidiary were appropriate.

Note: This item originally appeared at http://www.ama-assn.org/amednews/2010/08/30/bibf0830.htm.

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