MONTPELIER, Vt. -- Vermont regulators say they've ordered Blue Cross and Blue Shield of Vermont to refund $3 million to its subscribers following an investigation into a $7 million retirement package given to former CEO William Milnes (MILL-niss).
Paulette Thabault, commissioner of the state Department of Banking, Insurance, Securities and Health Care Administration, says Blue Cross has agreed to make the premium refunds to end the state's probe into excessive compensation given to Milnes.
Milnes retired in 2008.
The state was concerned at the amount of his retirement package so it subpoenaed records, hired experts and examined the compensation practices of other companies. Officials eventually determined that Milnes had been paid substantially more than he should have been, given the size of the company.