Read this linked article announcing that the State of California has tired of Blue Shield of California® abusing its fake “non-profit” nature, and was revoking Blue Shield of California’s® government granted waiver to not have to pay taxes like the rest of us have to do. At last, the State of California is going to start collecting taxes from this company which, according to the news article, has managed to accumulate four billion dollars while supposedly operating as a “non-profit”. Note that the Federal Government had already “wised up” to Blue Shield of California’s® scheme a few years ago, and had already revoked the Federal non-profit license.
As you write your next premium payment to your automobile insurance company, you might want to go to the California Department of Insurance website and see just how much money your automobile insurance company has accumulated at your expense and those of injured victims. The key points to look at in the financial statements will be the Total Assets, and look for the line that says “Surplus”. You also need to add three zeros to whatever number you see in these categories, since for reporting purposes they divide by 1,000 and then express the dollar amount. For example, when the financial statement says $1,000, the financial statement really means $1,000,000!