HEALTH

Blue Cross Reorganization Plan OKd: The state Department of Corporations approved the plan for the insurer to transfer assets valued at about $3 billion to two public health-care charities. Under state law, Blue Cross of California, a nonprofit company that is converting its health-care businesses to for-profit status, is required to compensate the state for the many years it operated as a tax-exempt organization. The assets being turned over to the charities represent Blue Cross’ 80% ownership stake in WellPoint Health Networks, a for-profit managed-care company based in Woodland Hills. When the transaction is completed as expected in the second quarter of 1996, it will result in the largest health-related charitable donation in California history.