INDIANAPOLIS -- They admit it's a tall task, but a handful of WellPoint shareholders held a news conference on Wednesday to push the company to return to nonprofit status.

Dr. Rob Stone, an emergency room doctor in southern Indiana and a backer of Hoosiers for a Commonsense Health Care Plan, said that as shareholders, they are fed up with rate hikes and the company's profits.

"Reaping massive profits off the backs of people in need of health care is a moral outrage," Stone said.

Stone pointed to 39 percent rate hikes that individual policy holders experienced in 2010 as indicative that change is needed.

The resolution would require the company to complete a feasibility study on returning to nonprofit status by the end of 2010. Results would then be made available to stockholders, 6News' Renee Jameson reported.

Stone admitted the effort faces a steep uphill climb, but said they hope it puts reform in motion.

Julia Vaughn, of the Citizens Action Coalition of Indiana, said it will reach out to consumer watchdog groups in California, hoping to galvanize the effort. Advocacy groups MoveOn.org and Indiana Change That Works also support the resolution.

WellPoint responded with an e-mailed statement Wednesday afternoon.

"This proposal does not present any factual information to support the view that converting to nonprofit status would benefit WellPoint or its shareholders, employees, customers and members," read part of the statement from Kristin Binns, WellPoint's vice president of public relations. "It's important to clarify that nonprofit insurers are, in fact, profitable. The nature of insurance legally requires all insurers to generate a net income to ensure financial solvency for future claims."

WellPoint also argued that net income earned by a nonprofit insurer sometimes exceeds that of a for-profit company.