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NEW YORK STATE INSURANCE DEPARTMENT ISSUES STATEMENT ON OXFORD HEALTH PLANS, INC

New York, February 24, 1998

Superintendent of Insurance Neil D. Levin issued the following statement concerning Oxford Health Plans’ announcement today that Texas Pacific Group will invest $350 million in Oxford. Oxford also announced its year-end financials, indicating a net loss of $291.3 million.

"We are pleased at today’s announcement by Oxford which demonstrates that the management of the company, as well as its Board of Directors, continues to respond to many of the recommendations made by the New York Insurance Department as a result of the Department’s examination which began in April 1997. These recommendations included the replacement of senior management, seeking a capital infusion, greater representation on Oxford’s board, as well as bringing in outside experts and consultants."

"While we believe that today’s announcement of a capital infusion and management changes are important steps in Oxford’s road to recovery, we are still closely monitoring its financial condition to ensure that consumers, doctors and hospitals can benefit from the presence of a stable, well-managed Oxford. We are also reviewing the company’s efforts to fix its computer problems which resulted in late payments to consumers and healthcare providers."

 

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