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May 24, 2000
DC Insurance and Securities Commissioner Approves Acquisition of DC Chartered Health Plan, Inc.
Washington, DC - District of Columbia Insurance and Securities Commissioner Lawrence H. Mirel announced the approval of the acquisition of DC Chartered Health Plan, Inc. by DC Healthcare Systems, Inc. The approval followed a review of the transaction by the DC Department of Insurance and Securities Regulation (DISR).
DISR has statutory authority to review any acquisition or changes in control of health maintenance organizations in the District of Columbia. "The Department reviews the method of acquisition and financial stability of the acquiring party to assure that it meets statutory guidelines. We also look at the effect of the acquisition on the overall health of the HMO market in the District," said Commissioner Mirel. "We are satisfied with the information presented in this filing and our review of the application showed no issues that would preclude us from approving this transaction," concluded Commissioner Mirel.
DC Healthcare Systems, Inc., a District of Columbia corporation, will acquire 100% of the outstanding capital stock of DC Chartered Health Plan, Inc. Following the consummation of the transaction, DC Healthcare Systems, Inc. will be the ultimate parent company and will directly control DC Chartered Health Plan, Inc. Jeffery E. Thompson, Chairman and CEO of DC Healthcare Systems, Inc. will become the sole owner of DC Chartered Health Plan, Inc.
The DC Department of Insurance and Securities Regulation (DISR) has two missions, (1) to provide fair, efficient and fast regulatory supervision of the insurance and securities businesses for the protection of the people of the District of Columbia, and (2) to create conditions that will retain and attract national and international insurance and other financial businesses to the District. |
