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DFR outlines Blue Cross losses and urges new oversight tools; board appointments debated
Summary
The Department of Financial Regulation told the Senate Finance committee that Blue Cross experienced major underwriting and Medicare Advantage losses, prompting DFR actions to protect solvency. DFR recommended more regulatory tools; members debated whether appointing state members to the Blue Cross board or other governance changes would be effective.
The Department of Financial Regulation (DFR) provided a detailed account of recent financial strains at Blue Cross Blue Shield, telling the committee the insurer’s surplus fell dramatically over a multi‑year period due to underwriting losses, Medicare Advantage losses and pension impacts. "During a 3 year period, their surplus dropped over a 107,000,000," the Commissioner (S3) said, describing steps DFR has taken to restore solvency, including an order requiring Blue Cross to bring hospital contracts to DFR for review.
DFR described limits of its…
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