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Article: State AG contends New Jersey Blue is a charity. (NJ Attorney General Peter Verniero)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- January 13, 1997
- Author:
CopyrightCOPYRIGHT 1997 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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New Jersey Attorney General Peter Verniero recently concluded that Blue Cross and Blue Shield of New Jersey is a charity.
Consumer groups hailed the ruling as a sign New Jersey Blue may have to pay up to $1 billion to a health care foundation before it can convert to mutual status. But Mr. Verniero refused to predict how charitable status would affect the Newark, N.J. company's conversion efforts.
"We do not reach the issue of the particular financial and other obligations of BC/BS in connection with the proposed conversion," Mr. Verniero wrote in a letter to NJB President William Marino.
Deciding what New Jersey Blue owes "is the process we ...