New York State
Insurance Department

MEDIA ADVISORY

The New York State Insurance Department today announced that it has entered into a stipulation with the Health Insurance Plan of Greater New York and the HIP Foundation, Inc. regarding HIP’s corporate restructuring activities. HIP-New York and the HIP Foundation agreed to take the following steps:

• Return control of HIP-Florida to HIP-New York;

• Follow directives and conditions imposed by the New York State Insurance Department in connection with the transfer of control of HIP-New York to the HIP Foundation;

• Maintain close supervision and control over HIP’s agents and representatives;

• Payment of a fine of $500,000.