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HSS board sets aside $1M to stabilize 2015 Blue Shield premiums, moves prior profit‑pledge funds into stabilization reserve
Summary
The San Francisco Health Service System board approved using $1,000,000 of 2013 excess to stabilize Blue Shield premiums for plan year 2015 and transferred roughly $8.84 million in prior profit‑pledge balances into a Blue Shield stabilization reserve for future rate-setting.
The San Francisco Health Service System board voted unanimously to use $1,000,000 of excess underwriting gains to stabilize 2015 premiums for the Blue Shield flex‑funded plan and to move $8,844,000 of prior profit‑pledge monies into a named Blue Shield stabilization reserve.
Pamela Levin, HSS chief financial officer, told the board that after funding incurred‑but‑not‑reported (IBNR) and contingency reserves, the trust showed about $3,000,000 in remaining surplus from the Blue Shield offering; policy permits applying $1,000,000 of that amount to reduce rates for the 2015 plan year. Levin…
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