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Regulation and Compliance > State Regulation

Premera Compromises On Conversion App Timeline

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NU Online News Service, Nov. 25, 9:43 a.m. – Premera, Mountlake Terrace, Wash., says it will agree to let state officials take until March 1, 2003, to review its application to convert its Premera Blue Cross unit into a for-profit company.

Premera, which sells health coverage in Alaska and Oregon as well as Washington, has been trying to turn itself into a for-profit, public company since May 2002 and filed a formal application this fall.

Premera believes Washington state laws require state officials to decide on the conversion proposal within 60 days after Premera has filed all required documents, but the state has said it needs more time to review the thousands of pages of documents, and Premera supports the idea of giving the state more time, the company says.