FULL DISCLOSURE IN INSURANCE ACQUISITIONS BECOMING MORE IMPORTANT FOR CONSUMERS

In the last year, several large insurance company acquisitions, like CVS/Aetna, Aetna/Humana, and Anthem/Cigna, have been subject to legal review from the Insurance Department, and the Freedom of Information Commission is still fighting for full disclosure of documents connected to those mergers.  Christine Stuart published an article, that can be found here, quoting FOIC Attorney Victor Perpetua as saying, “[t]he plaintiffs cannot simply assert that they have placed particular records in a regulatory file… It is a defiance of the (sic) long-established and well-accepted in camera inspection.” Specifically the documents requested deal with why the Insurance Commissioner gave approval for the mergers in the first place.  Consumer interest groups like the Connecticut Citizens Action Group are confident that the filings being withheld could have better informed consumers regarding recent acquisitions.