Bismarck, ND - Insurance Commissioner Jim Poolman today approved an insurance premium refund plan for Blue Cross Blue Shield of North Dakota. Poolman has been concerned with the high level of reserves held by the company and has recommended to company management that a refund to policyholders for the excess premium would be appropriate.
Poolman said, "This refund is terrific news for Blue Cross Blue Shield policyholders. This is a sizeable refund that will make a difference in the checkbooks of these people."
The plan includes a refund of 80% of one month of premiums, based on the August 2006 premium and enrollment, up to a maximum amount of $26.6 million. The refund is to be completed by the end of 2006 and limited to fully insured group health plans, bank depositor and Nodakare subscribers, and student subscribers with Noridian health plan coverage. Policyholders eligible for a premium refund should expect their refunds sometime after the middle of November 2006.
"I'm glad that the Blue Cross Blue Shield board of directors has followed my recommendation. Not only is the continued financial stability of Blue Cross Blue Shield important to me, but also important is how a company treats its policyholders. Blue Cross Blue Shield's recent action shows they are willing to treat their policyholders fairly," Poolman said.