State regulators approved the reorganization of Florida’s largest health insurer on Friday but prohibited Florida Blue from selling stock to outside investors.
The Palm Beach Post reported executives could gain from future stock deals under the company’s plan as initially filed, and company documents admitted a potential conflict for its board between a historic duty to provide low-cost insurance to 4 million policyholders and a new obligation to do what is best for shareholders.
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What The Post Found
The Palm Beach Post reported Florida Blue executives could gain from the company’s reorganization plan as initially filed. The Post also obtained documents showing the nonprofit company paid its top executive $6.8 million and at least 14 officers and directors received more than $1 million each. Subscribers can read more at mypalmbeachpost.com/s/investigative