Regulators approve control of Vermont Blue Cross Blue Shield by larger Michigan insurer
VTDigger
Vermont’s largest private health insurer, Blue Cross Blue Shield of Vermont, has become a subsidiary of its much larger Michigan counterpart.
The contract binding the Berlin-based nonprofit with Blue Cross Blue Shield of Michigan was signed Tuesday and immediately went into effect, according to Sara Teachout, a spokesperson for the Vermont organization.
Blue Cross Blue Shield of Vermont provides health insurance to around 225,000 Vermonters, while Blue Cross Blue Shield of Michigan, also a nonprofit, insures roughly 5.2 million people in Michigan and other states.
Vermont’s insurance regulator, the Department of Financial Regulation, signed off on the subsidiary arrangement Monday. The two organizations’ formal requests for approval of the change were filed in May. A monthslong regulatory review took place primarily over the summer.