That is an issue to be determined as part of the administrative hearing before the Bureau of Insurance. By no means is it a done deal. Also, business agreements of this nature often contain a number of provisions specifying terms and conditions pursuant to which either or both parties may back out of the transaction. The Bureau received the filing on September 15, 1999. For the conversion to move forward, the Superintendent must make a determination that the terms and conditions of the conversion plan are fair and equitable.
Maine law provides the option for the company to convert to a for-profit entity.
Figures provided by Blue Cross Blue Shield of Maine in their annual filing to the Maine Bureau of Insurance. The acquisition plan provides that the stock owned by Blue Cross and Blue Shield of Maine would be transferred to the Anthem Companies as part of this transaction. Central Maine Healthcare Corporation has recently notified the state Bureau of Insurance of its intent to purchase Central Maine Partners shares held by Blue Cross. If the transaction is approved, Anthem Blue Cross Blue Shield of Maine will be subject to premium taxes as other health insurance companies doing business in Maine. The Superintendent will be advised of the number of comments received and the points that have been made.