New York State
April 12, 1999
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 HIPs 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 HIPs agents and representatives;
Payment of a fine of $500,000.