FOR IMMEDIATE RELEASE

February 14, 2024

 

Commissioner Tim Temple Releases Statement on Withdrawal of BCBSLA Transaction and Cancellation of Today’s Hearing

Statement from Louisiana Insurance Commissioner Tim Temple regarding Blue Cross and Blue Shield of Louisiana’s withdrawal of its Plan of Reorganization and the cancellation of the LDI hearing originally scheduled for today and tomorrow.

Over the past year, Louisiana Department of Insurance staff have worked with BCBSLA and Elevance and listened to the concerns of ratepayers, providers, policymakers and physicians. We administered this process transparently, and I am proud of our team’s diligent work.

We had planned to hear from the two companies and consumer advocates during today's hearing to address important questions raised by policyholders, Louisiana Department of Insurance experts and the Louisiana Legislature. However, as of this morning, the parties have elected to withdraw their application. There are serious questions that require answers to provide protections and safeguards for Louisiana ratepayers and providers. The withdrawal of the application forecloses further consideration of this matter.

I am grateful for the level of consideration brought to this process by Governor Landry, Chairman Talbot and the Senate Insurance Committee, Chairman McMath and the Senate Health & Welfare Committee, and other key stakeholders. Most importantly, the Louisiana Department of Insurance received numerous public comments on this proposed transaction from members of the public, and I want them to know I read, considered and appreciated what they had to say.

I have and always will stand on the side of Louisiana ratepayers and am honored to always have their backs.

For more information about the proposed transaction that has now been withdrawn, please visit https://ldi.la.gov/public-hearing-and-rulemaking-notices.

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.