HEARING SLATED ON IBC/HIGHMARK CONSOLIDATION
HARRISBURG, MAY 14 – State Sen. Connie Williams announced that the public would have an opportunity to comment on the proposed consolidation of Independence Blue Cross and Highmark, during a public hearing set for July 15 in Philadelphia.
"This is one of three hearings that is being convened across the Commonwealth as the Pennsylvania Insurance Department considers the potential impact of the consolidation of these two health insurance giants," Williams said. "Those who do not wish to testify at the hearing may submit written testimony that will be considered as the department evaluates the request."
Independence Blue Cross and Highmark submitted a consolidation proposal to the Insurance Department in April 2007. Since that time, the department has sought written comments, asked follow-up questions of the companies and has hired a team of legal experts, economists and investment bankers to fully review the proposal.
Pennsylvania law requires the department to evaluate the proposal based on statutory standards that include determining the impact of such a consolidation on competition, insurance consumers and financial stability.
The public may view the application and additional material on the department's Web site at www.insurance.state.pa.us (click on "Highmark/IBC Filing).
The July 15th hearing will be held at Sheraton Philadelphia City Center Hotel, 201 N. 17th St., Philadelphia, with sessions beginning at 9 a.m. and 7 p.m. Those who wish to comment are encouraged to pre-register, however, pre-registration is not required. The department has scheduled 10-minute time slots per speaker. Preference in scheduling will be given to speakers who submit written comment in advance of the hearing and prior to July 2nd.
To pre-register, submit advance written testimony, or to submit written comments, people should contact Robert Brackbill, Chief Company Licensing Division, 1345 Strawberry Square, Harrisburg, PA 17120, by e-mail at rbrackbill@state.pa.us, by fax at 717-787-8557. Individuals who require the assistance of auxiliary aids or services to participate or to attend the public hearing may call the Director of the Bureau of Administration at 717-787-4298. Individuals who are hearing impaired call the department's TTY/TDD telephone number at 717-783-3898.