Nevada appeals Blue Cross loss in Colorado
Nevada is appealing the Sept. 29 Colorado Insurance Commission ruling that state officials say takes money from Nevadans.
The Nevada branch of Blue Cross Blue Shield merged with the Colorado company. Since then, the company’s business has doubled in Nevada but it no longer exists as a Nevada corporation.
Now the operation is trying to convert from a non-profit to a for-profit corporation. As part of that process, a significant amount of money will go to the state of Colorado under the theory that the value of a non-profit belongs to the people of the state. The buyer, Anthem Insurance of Indiana, has agreed to pay $140 million to Colorado as part of the deal.
Nevada officials say the same is true of the Nevada share of the business and that Nevada should get part of that money.
But Colorado officials have consistently ruled against Nevada’s claim.
First Assistant Attorney General Tom Patton said Nevada is appealing the latest denial of the claim, which rejected Nevada’s request to intervene in proceedings before the Colorado Insurance Commissioner on the conversion.
The appeal was filed in Colorado District Court to file briefs addressing the merits of the Nevada claims.