Topeka, KS – Sandy Praeger, Commissioner of Insurance, will preside over a public hearing Monday, Nov. 5, concerning the proposed acquisition of Coventry Health Care of Kansas, Inc. by Aetna, Inc.
The hearing will be at 1 p.m. at the Shawnee A Room of the Capitol Plaza Hotel Maner Conference Center, 1717 SW Topeka, Blvd., Topeka. Parking is located to the north of the conference center.
Aetna, Inc., a national company, announced Aug. 20 its agreement to purchase Coventry Health Care, Inc., also a national company, for $7.3 billion. Coventry Health Care of Kansas, Inc., a subsidiary of the Coventry national corporation, is regulated by the Kansas Insurance Department (KID).
All interested parties will be given a chance to speak on the proposed acquisition at the hearing. Commissioner Praeger will give opening comments, followed by testimony from Coventry and Aetna representatives. KID officials will testify after that; the Commissioner will then open the hearing for comments from the public.
The acquisition has to be approved by regulatory authorities in each of the 26 states where Coventry companies operate.
According to KID statistics, Aetna in 2011 had $57.7 million in premium sales in Kansas; Coventry Health Care of Kansas had $187 million in Kansas premiums during the same year.
Aetna provides health care insurance to 18 million people nationwide, as well as dental insurance for 13.6 million people and 8.7 million pharmacy benefits members. Nationally, Coventry has 3.8 million medical insurance policyholders and 1.5 million Medicare Part D policyholders.
In 2010 Coventry Health Care of Kansas acquired Preferred Health Systems of Kansas. That acquisition was approved by Commissioner Praeger
Source: KS Insurance Department
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