New York State
Insurance Department


ISSUED: August 2, 1999

FOR IMMEDIATE RELEASE

DEPARTMENT TO HOLD PUBLIC HEARINGS ON EMPIRE BLUE CROSS
AND BLUE SHIELD’S RESTRUCTURING PLAN

        Superintendent of Insurance Neil D. Levin announced that the Department will hold public hearings in Manhattan, Albany, and, Poughkeepsie as part of its regulatory review of Empire Blue Cross and Blue Shield’s proposal to restructure as a for-profit company.

        Empire has submitted a formal Plan of Restructuring to the Department, which describes the process for transferring subscribers’ insurance policies to its for-profit subsidiaries. A summary of Empire’s restructuring proposal, as well as the narrative portion of the Plan, can be obtained by writing to the Public Information Department, Empire Blue Cross and Blue Shield, One World Trade Center, New York, NY 10048 or by calling 1-888-476-5524. Both documents are also available on Empire’s website at http://www.empirehealthcare.com.

The public hearings are scheduled as follows:

New York City
September 1st at 10:00 am
New York Hilton
1335 Avenue of the Americas
Gramercy Suite A, 2nd floor
New York, NY

Albany
September 2nd at 10:30 am
Empire State Plaza
Concourse Level, Meeting Room 1
North Concourse
Albany, NY

Poughkeepsie
September 3rd at 10:00 am
Mid-Hudson Library
System Auditorium
105 Market Street
Poughkeepsie, NY

        The proposed subscriber transfer process and related materials are available for public inspection at the offices of Empire Blue Cross and Blue Shield at the following locations:

One World Trade Center
28th Floor Law Library
New York, NY
11 Corporate Woods Blvd.
Albany, NY
63 Washington Street
Poughkeepsie, NY

        The materials are also available, by appointment only, at the offices of the New York State Insurance Department at Agency Building One, 8th Floor, Empire State Plaza, Albany, telephone number (518) 486-2970; Health Bureau, 2nd Floor, 25 Beaver Street, New York City, telephone number (212) 480-5148.

        Individuals wishing to testify at the hearings should notify Ellen Wenz at (212) 480-5262 for the New York City and Poughkeepsie hearings and Deborah Greer at (518) 474-4567 for the Albany hearing. In accordance with the Americans with Disabilities Act, the Insurance Department will provide a reasonable accommodation at no charge to any covered individual wishing to attend at the hearings when such a request is made at least seven days before the hearing. Those unable to attend the hearings may submit written statements for inclusion in the official record within 30 days following the hearing date. Written statements should be directed the Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004.



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