Blue Cross of California to meet public benefit obligation

Business Wire, Dec 15, 1995

WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Dec. 15, 1995--In response to a statement made Thursday by California Department of Corporations (DOC) Commissioner Gary Mendoza, Blue Cross of California (BCC) Friday reaffirmed its commitment to meet its public benefit obligations to the people of California.

BCC will submit a proposal to fulfill its public benefit obligations to DOC as quickly as possible.

In a statement issued Thursday, Mendoza said, "The Department expects that BCC will promptly submit to the Department an alternative proposal to meet its public benefit obligations."

Blue Cross of California is a non-profit, public benefit, managed health care corporation serving more than 6.8 million Californians. Blue Cross is the majority shareholder of WellPoint Health Networks Inc. (NYSE:WLP), the largest publicly traded managed health care company in the state. BCC and WellPoint offer health maintenance organizations (HMO), preferred provider organizations (PPO), and specialty managed health care networks. Total benefits paid out on behalf of BCC subscribers and Medicare beneficiaries in 1994 exceeded $9.9 billion.

CONTACT: Blue Cross of California

Larry Bryant, 818/703-2473