Public hearings that were scheduled to take place in Baton Rouge Wednesday regarding the proposed reorganization and sale of Blue Cross Blue Shield of Louisiana have been canceled. The Louisiana Insurance Commissioner's Office said Blue Cross is now withdrawing its reorganization plan. Blue Cross was going to be sold to Elevance Heath of Indiana. There is no further information regarding Blue Cross' intentions moving forward. Louisiana Insurance Commissioner Tim Temple issued the following statement regarding the withdrawal of the plan: "Over the past year, Louisiana Department of Insurance staff have worked with BCBSLA and Elevance and listened to the concerns of ratepayers, providers, policymakers and physicians. We administered this process transparently, and I am proud of our team’s diligent work. "We had planned to hear from the two companies and consumer advocates during today's hearing to address important questions raised by policyholders, Louisiana Department of Insurance experts and the Louisiana Legislature. However, as of this morning, the parties have elected to withdraw their application. There are serious questions that require answers to provide protections and safeguards for Louisiana ratepayers and providers. The withdrawal of the application forecloses further consideration of this matter. "I am grateful for the level of consideration brought to this process by Governor Landry, Chairman Talbot and the Senate Insurance Committee, Chairman McMath and the Senate Health & Welfare Committee, and other key stakeholders. Most importantly, the Louisiana Department of Insurance received numerous public comments on this proposed transaction from members of the public, and I want them to know I read, considered and appreciated what they had to say."I have and always will stand on the side of Louisiana ratepayers and am honored to always have their backs.""For more information about the proposed transaction that has now been withdrawn, please visit https://ldi.la.gov/public-hearing-and-rulemaking-notices."Blue Cross Blue Shield issued the following statement: "Since we announced our intent to be acquired by Elevance Health last year, it has become abundantly clear that the work we do each day is not only appreciated by our members, providers, group leaders and broker partners, it is highly valued."We continue to hear from our stakeholders that they want Blue Cross and Blue Shield of Louisiana to remain their trusted partner in their healthcare journey, and we pursued this transaction to help us do exactly that - by changing for the better. However, it is clear that our stakeholders need more time and information to understand the benefits of the changes we have proposed. This is why we have decided to again pause the process in our proposed transaction with Elevance Health. This means that we are withdrawing our filing with the Louisiana Department of Insurance. We are also cancelling the policyholder proxy and vote process, including the special policyholder meeting that was scheduled for Feb. 21."We know that change is hard, even when change is made for the right reasons. We continue to need a strong partner to help position us for a vibrant future, and to help us make healthcare more affordable and to help us do more to improve the health of members and policyholders. However, more time is needed to make this bold step."BCBSLA remains focused on serving our customers and remaining the healthcare partner of choice in Louisiana for the next 90 years and beyond."Elevance Health issued the following statement regarding the decision: "We are supportive of BCBSLA’s decision to withdraw their plan of reorganization. We will continue to meaningfully engage community members who are truly interested in better health outcomes and more affordable healthcare. We remain committed to this partnership and will work with BCBSLA on next steps in bringing that to reality."Louisiana Attorney General Liz Murrill issued the following statement: "Yesterday, I submitted this letter stating my concerns and recommendations to Insurance Commissioner Tim Temple regarding the Blue Cross and Blue Shield and Elevance Health transaction. This morning, the Louisiana Department of Insurance advised that late last night BCBS decided to withdraw its reorganization plan. Based upon the information I reviewed, especially that produced at an 8-hour Senate committee oversight hearing, I believe BCBS made the right decision.""Read the letter to Insurance Commissioner Tim Temple here."