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Industry Spotlight > Mergers and Acquisitions

Michigan Forbids Blue Cross Conversion

By Staff Writer

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NU Online News Service, Sept. 27, 6:45 p.m. – Michigan Lt. Gov. Dick Posthumus today signed S.B. 749, a bill that prohibits Blue Cross and Blue Shield of Michigan, Detroit, from converting to for-profit status.

The bill, which was sponsored by Sen. Bill Bullard, R-Highland, Mich., also prohibits dissolutions, mergers, consolidations, sales, transfers or other transactions that would lead to a change in control of Michigan Blue.

The provision dealing with Michigan Blue is a small part of the bill. Most of the bill changes the state laws governing the sale of Medicare supplement insurance policies.

Posthumus is acting governor while Gov. John Engler, a Republican, is out of the country.

Links to the full text of the bill and other information are available at http://www.michiganlegislature.org/mileg.asp?page=getObject&objName=2001-SB-0749&userid=

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