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April 12, 1999

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.

Department of Financial Services

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