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HIP and GHI Submit Conversion Plan to New York State Department of Insurance EmblemHealth, Inc., the parent company of Health Insurance Plan of Greater New York (HIP) and Group Health Incorporated (GHI), has submitted to the New York State Insurance Department its plan to convert and combine the two not-for-profit health insurance providers into a single for-profit public company. The EmblemHealth, HIP and GHI boards of directors have approved the move. The conversion is subject to the approval of the New York State Department of Insurance, which will hold public hearings as part of its consideration of the plan. The combination of HIP and GHI and their concurrent conversion into a for-profit entity are vital to the continued health of both companies, and are also in the best interest of their policyholders, members, and local residents. As a combined for-profit company, it will be better able to compete against large national commercial insurers, as access to the capital markets allows improvements to technology infrastructure, product offerings and customer service. The combination is also expected to result in economies of scale that will enhance the company's competitiveness. The conversion will enable both companies to continue to pursue important, customer-focused initiatives. The health care needs of New Yorkers and other tri-state area residents will be better served by the resultant bigger, stronger, locally owned entity. The conversion plan has been designed to protect members' and policyholders' interests. No impact is expected upon the delivery of health care benefits. Current HIP and GHI benefit plans will remain in place, ensuring continuity for those who wish to keep their current level of coverage. At the same time, the combination will facilitate the development of a more complete offering of products, making the combined company more attractive to employees and their benefit managers. FAQs Regarding For-Profit Conversion For-Profit Conversion Overview Our Companies  |  Home © 2008 EmblemHealth, Inc. All Rights Reserved.