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August 16, 2013 at 10:41 AM
Blue Cross and Blue Shield of Florida can revamp its corporate structure but cannot make moves toward converting to for-profit status, officials said Friday.
The Florida Office of Insurance Regulation has set rules for the Florida Blue structure change in an order.
Florida Blue is now a nonprofit mutual insurer.
The company has asked for permission to form a non-profit mutual insurance holding company that would own the Blue Cross and Blue Shield Association licenses that give the company the right to use the “Cross and the Shield.”
The same policyholders who now govern the mutual insurance company would control the mutual holding company.
The Florida order does not give Florida Blue permission to demutualize or to sell stock in any new or existing stock company subsidiary to investors outside the group, officials said.
