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Blue Cross shift – $1B foundation in works

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Blue Cross Blue Shield of North Carolina has told state regulators it wants to become a for-profit business by May 1, a move that could create a $1 billion charitable foundation, The News & Observer in Raleigh reported Nov. 23.

Before it converts, Blue Cross wants to be sure that all its stock will go directly to the foundation and not to any third party, Brad Wilson, its chief counsel, told The N&O.

Blue Cross, the state’s largest health insurer, wants to make sure state regulators or the foundation’s board cannot entertain a takeover bid by a rival insurer, Wilson said.

The state Attorney General’s Office plans to file incorporation papers for the foundation by the end of the year,

This week, the office plans to hire a firm to begin selecting possible foundation board members.

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