A major health insurance plan that is popular among city employees doubled the compensation of its top executives in 2007 as premiums have been rising for New Yorkers across the board.

The insurer, Health Insurance Plan of New York, sent its top officers home with hefty paychecks that included millions of dollars in bonuses, according to documents filed this week with the state’s Insurance Department. According to department officials, HIP’s president and chief executive officer, Anthony Watson, earned $4.79 million in 2007, up from $2.14 million in 2006. The company’s chief operating officer, Daniel McGowan, who resigned this month, was paid $2.46 million, an increase from $1.14 million.

Others who received pay increases included HIP’s chief financial officer and general counsel, Michael Fullwood, who earned $1.99 million in 2007, up from $896,000 in 2006. Insurance officials said the company’s chief information officer, John Steber, earned $1.5 million in 2007 compared to $763,000 in 2006.

Executives received the windfall just as HIP and an affiliate, Group Health Insurance, are pursuing plans to merge and convert into a for-profit corporation. Last year, the parent company for the health plans, EmblemHealth, which accounts for the vast majority of policies held by city employees, filed a plan describing their intentions with the state Insurance Department, which must approve the change.

Last night, state insurance officials were critical of the pay hike for executives and indicated the boost in compensation might have an impact on the agency’s decision about the future of the companies.

“We are very concerned about HIP’s announcement that it has doubled the salaries of its top 10 executives at a time when the company has not been performing well,” a spokesman for the department, David Neustadt, wrote in an e-mail message. “As we consider its pending merger with GHI and conversion to a stock company, we will be asking the executives tough questions about this decision.”

Officials at HIP defended the compensation and said the executives were offered financial incentives based on performance. “This has nothing to do with the merger or the conversion,” a spokeswoman for HIP and GHI, Ilene Margolin, said.

She said the higher compensation in 2007 reflected a payout from two of the company’s incentive programs. One bonus reflected the company’s performance in 2006 and another reflected its performance over the previous three years. According to the company’s annual report, it total revenue in 2006 was just more than $5 billion, with a net income of $205 million. In 2005, revenues totaled $4.59 billion, with $115 million in net income.

“Most, if not all, had their base pay remain the same,” Ms. Margolin said of the top executives. The company’s president, Mr. Watson, who received nearly $5 million in compensation, had a base annual salary of $1.25 million, she said. “There’s a system in place and that generates higher payments than other years,” Ms. Margolin said.

HIP and GHI, which were founded in 1947 and 1937, respectively, announced their intentions to merge in 2005. Since then, patient advocates, physician groups, and some lawmakers have been critical of the plan, which some said would eliminate competition in the marketplace and result in higher premiums.

Together, the companies have more than 4 million members and employ 5,000. By their own measure, a merger between the two health plans would create the largest health insurance company in New York.

Among the plan’s critics, the city has voiced strong opposition against the consolidation of GHI and HIP, and it filed a lawsuit in 2006 to prevent the merger and conversion. About 93% of municipal employees subscribe to GHI or HIP.

Last night, a spokesman for Mayor Bloomberg declined to comment on the executive bonuses.

In January, Deputy Mayor Ed Skyler testified at a public hearing that a merger of the two companies would eliminate competition, resulting in higher premiums for policyholders and a bigger bill for the city.

He also noted that after the conversion, HIP and GHI would owe corporate income taxes, and would likely increase premiums to pay for higher operating costs.

“The negative impact of a conversation on the city would be dramatic, severe, and permanent,” he said.