Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, August 2, 1995 TAG: 9508020038
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
RICHMOND - The attorney general's office has suggested that if the state's largest health insurer converts from a mutual insurance company to a for-profit business, all Virginians might be due stock in the company.
In filings last week to the State Corporation Commission, Deputy Attorney General Catherine C. Hammond argued that Trigon Blue Cross Blue Shield's state tax breaks over the years raise ``the question of the public's right to receive this capital stock.''
Trigon was exempt from federal income tax until a 1986 tax reform act. The company now pays a premium tax at a rate one-third of that paid by other insurers in return for a promise to provide health insurance to any Virginian who wants to pay for it.
The company now wants to convert from a company owned by policyholders to a for-profit venture owned by shareholders. To do that requires SCC approval.
Trigon's net worth stands at $650 million. It wants to divide that among its policyholders, giving them stock that would represent ownership shares in that net worth.
- Associated Press
Briefly ...
Air Methods Corp., an Englewood, Colo., provider of emergency air medical transportation, said Tuesday it has renewed its contract with Life-Guard of America Inc., an affiliate of Carilion Health System of Roanoke, through August 2005. Terms of the contract were not disclosed. Air Methods has provided helicopters for Carilion's airborne intensive care unit since 1990.
Shirts & Other Stuff Inc., doing business as SOS, has opened at 5575 Hollins Road, Roanoke. The company offers custom-printed apparel and promotional items.
Affordable Real Estate Services has opened at 419 Apperson Drive in Salem. The agency says it charges property sellers a commission of 3 percent, less than the traditional fee. Jack Richards is principal broker, and Taylor Stone is owner/agent. Richards, a native of Roanoke, has more than 17 years of experience in real estate sales and property management and is a licensed professional builder. Stone, who has lived in the valley since 1988, has experience in building, property management and real estate investment.
Barbara Sue Faries Sipos, president and chief executive of Sipos Marketing Services Inc. and the Alpha Wolf Group in Salem, is participating in the Trendsetter Barometer panel, a group of 400 executives sponsored by Coopers & Lybrand, a national accounting firm.
Honeytree Early Learning Centers said it has begun construction of a 3,150-square-foot addition to its school at 1530 Patrick Road.
Engineering Design Systems Inc. in Roanoke has been named a dealer for Autodesk Inc., a supplier of computer-aided design software.
Memo: ***CORRECTION***