Posted: Jun 26, 2013 9:04 AM by MTN News
HELENA - Montana Attorney General Tim Fox has approved the sale of the state's largest health insurance company.
Fox announced on Tuesday, that based on public comment he believes the merger between Blue Cross Blue Shield of Montana and Health Care Service Corporation, the deal is in the best interest of Montana.
Fox is asking HCSC to pay $40 million for the transaction, and as part of the deal, Blue Cross Blue Shield will be forced to invest somewhere around $120 million into a non-profit organization.
Commissioner of Securities and Insurance Monica Lindeen still needs to approve the merger, and then Fox can decide how the non-profit will spend the $120 million.
One option being considered is sending the money back to the Blue Cross Blue Shield policy holders who paid the health insurance premiums.