BISMARCK – Insurance Commissioner Adam Hamm has approved a rate increase for Blue Cross Blue Shield of North Dakota, ending one of three long-standing rate disputes between regulators and the state’s largest insurer.
James MacPherson, Associated Press Writer
, May 16, 2009
Blue Cross Blue Shield of North Dakota is re-evaluating executive compensation and travel as it works to restore its image following a highly publicized reward trip and severance pay for its ousted top executive.
Revelations including a $250,000 reward trip to the Caribbean and a $2.2 million “golden parachute” for its ousted top executive have prompted some to ask, Where was the Blue Cross Blue Shield of North Dakota board?
FARGO - The Blue Cross Blue Shield of North Dakota Board of Directors voted Monday to replace President and Chief Executive Officer Mike Unhjem. Effective immediately, Tim Huckle, executive vice president of Health Operations, will serve as interim president and CEO.
More details to follow.
CEO Unhjem says he’ll pay his own expenses; Hamm calls for examination of company’s executive pay. Blue Cross Blue Shield of North Dakota will scrap its sales reward trips after public outrage over a Cayman Islands resort getaway, and the state’s top insurance regulator called for a “targeted financial examination” of the company’s executive pay.
At a time when Blue Cross Blue Shield wants to increase premiums up to 18.3 percent, reports surfaced Wednesday that the health insurer is spending up to $227,500 to send 35 of its employees to the Grand Cayman Islands.
FARGO - Blue Cross Blue Shield of North Dakota said it will no longer offer incentive trips as part of the compensation package for employees in the marketing division, the health insurer announced this afternoon.
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