The Nebraska Department of Insurance (NDOI) has approved Blue Cross and Blue Shield of Nebraska’s (BCBSNE) proposed reorganization plan to form a mutual insurance holding company.
“We requested permission to create a mutual insurance holding company to be called “Goodlife Partners, Inc.,” Dale Mackel, executive vice president, said. “The holding company structure will give Blue Cross greater strategic and organizational flexibility to pursue growth and innovation.”
Under the reorganization, Goodlife Partners will be governed by a board of directors that is the same as the board of directors for Blue Cross and Blue Shield of Nebraska.
The reorganization will not affect members’ insurance coverage or premiums.
Blue Cross and Blue Shield of Nebraska policyholders have a membership interest (voting rights) in Blue Cross and Blue Shield of Nebraska. After the reorganization, this membership interest will be in GoodLife Partners, Inc., a mutual insurance holding company. Policyholder contract rights will remain with Blue Cross and Blue Shield of Nebraska.
“Successful insurance companies in the future, especially health insurance companies, must have structural, financial and strategic flexibility,” Mackel said. “This will benefit our members, our community and the state.”
The next step in the approval process is to present the plan of reorganization to BCBSNE members at our annual meeting on March 26. Information about the reorganization plan will be mailed to all policyholders this month, along with a notice of the annual meeting, a voting proxy and a member information statement.
All documents related to the proposed change to a mutual insurance holding company can be found at www.nebraskablue.com.
If approved, the mutual insurance holding company will begin operations July 1.