D.C. Appleseed Center for Law and Justice says insurance giant CareFirst BlueCross BlueShield has a current surplus of well over $300.million, according to a report filed Monday with the city Department of Insurance, Securities and Banking.
CareFirst's finances and its obligation to the city will be the subject of a Sept. 10 hearing before the securities and banking department.
The legislation gives the mayor the authority to establish the amount of money CareFirst must give to the city after the department's review.
For several years, Appleseed has been pushing for CareFirst to contribute more to the city.
CareFirst sent a report to the securities and banking department in July that explained that it could, in fact, have losses of $12.million annually under the proposed legislation.
-- Nikita Stewart
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