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September 05, 2007 at 10:50 PM
An insurance regulator is asking questions about a company’s efforts to transfer the domicile of a subsidiary.
Washington state Insurance Commissioner Myron Kreidler says he wants to hold a hearing on a request from Life Health Plan of Arizona to move its state of domicile to Arizona, from Washington.
LifeWise of Arizona is a for-profit subsidiary of Premera Blue Cross, Mountlake Terrace, Wash., a nonprofit carrier that provides or administers health coverage for 32,000 Arizona residents.
Kreidler temporarily suspended Premera’s authority to sell new LifeWise business in Arizona in August. Kreidler said he believes Premera’s 1.5 million Washington state customers are subsidizing a money-losing operation in Arizona.
LifeWise is paying $1.58 on claims in Arizona for every premium dollar it collects in the state, according to officials in Kreidler’s office.
