NU Online News Service, Jan. 2, 4:39 p.m. – Blue Cross and Blue Shield of North Carolina, Chapel Hill, N.C., a nonprofit health insurer, has filed a plan to convert to a for-profit stock company.
A 1998 North Carolina law defines North Carolina Blue as a company that holds its assets in trust for the people of the state.
North Carolina Blue will compensate the people by contributing the full value of its assets to an independent health care foundation, the Health Foundation for North Carolina Inc., before converting, the company says.
The conversion plan is subject to approval by the state insurance commissioner and the state attorney general. The insurance commissioner must hold at least three public hearings on the conversion plan, North Carolina Blue says.