Puget Sound Health Partners sale
The Office of the Insurance Commissioner received a request last November from two owners of Puget Sound Health Partners to buyout the third owner.
History of the process
We received the application for sale in November 2008. We requested additional information and received the necessary documents in February 2009. We deemed the application complete and requested a hearing in March.
A public hearing was held July 10, 2009. The judge approved the acquisition on July 21.
The Order and Form A application and related information can be found on the Commissioner’ s website.
What we look at
In all proposed sales, the companies must file an application (Form A) that details:
- Financial information for both companies.
- Who will operate the company at the highest levels.
- Their business plan.
- Market competition impacts.
Under state law, the commissioner must approve the deal unless:
- It would substantially lessen competition or create a monopoly.
- The buyer’s plans are unfair and unreasonable to the policyholders of the insurance company.
- The buyer isn't competent, honest or financially sound enough to run an insurance company.
- It is in some other way “hazardous or prejudicial to the insurance-buying public."