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California tax board revokes health insurer Blue Shield’s tax-exempt status
Contra Costa Times

In a startling blow to one of California’s biggest health insurers, the state has revoked the tax-exempt status of Blue Shield of California, forcing the company to pay tens of millions of dollars in back taxes and unleashing a torrent of calls for it to return billions of dollars to customers.

The nonprofit health provider has built up about $4.2 billion in reserves, a pile of cash that many critics have long viewed with suspicion and frustration.