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OFIR Schedules Public Hearing on Blue Care Network's Proposed Acquisition of Physicians Health Plan
Hearing will provide citizens with a chance to offer comments, voice opinions
FOR IMMEDIATE RELEASE
LANSING -Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross announced that a public hearing will be held on Monday, November 23, 2009, at the Michigan Library in Lansing. The hearing will be held to receive public comments on the application of Blue Care Network (BCN) of Michigan, a Michigan nonprofit corporation operating as a health maintenance organization (HMO) and a wholly owned subsidiary of Blue Cross and Blue Shield of Michigan (BCBSM), to approve a transaction under which BCN acquires the Physicians Health Plan of Mid-Michigan-Family Care (PHP), a Michigan HMO.
"We welcome public input on this proposed transaction and encourage anyone with concerns or comments to submit them either electronically or at the hearing," Ross said.
Under MCL 500.1315, the Commissioner must approve the application of BCN proposing acquisition and control of PHP unless the Commissioner determines, on the basis of information submitted, that the acquisition would result in one or more conditions found in MCL 500.1315.
The conditions listed in MCL 500.1315 include whether the acquisition may jeopardize the financial stability of the insurer, prejudice the interests of policyholders or securityholders, lessen competition, create a monopoly, include terms unfair or unreasonable to policyholders and not in the public interest, or result in unqualified management.
The Commissioner will accept written comments submitted electronically to Cheryl Hall at firstname.lastname@example.org until 5 p.m. on November 25, 2009 and will accept oral and written comments at the public hearing site until the close of the public hearing on November 23, 2009. Any objections to the proposed acquisitions should reference an authorized reason for disapproval specified in MCL 500.1315.
For more details on the public hearing and the proposed transaction, visit: http://www.michigan.gov/documents/dleg/BCN_PHP_PubHear_11-3_299567_7.pdf
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