An independent hearing examiner, on behalf of the Oklahoma Insurance Department, approved a request by Health Care Services Corporation (HCSC) to merge with Blue Cross and Blue Shield of Oklahoma.
HCSC, with nearly 10 million policyholders, also operates as Blue Cross and Blue Shield of Illinois, Texas and New Mexico. HCSC will assume all assets, liabilities and obligations of Blue Cross and Blue Shield of Oklahoma. HCSC received an “A+” plus rating by the AM Best rating service and has over $3 billion in assets. Both companies are non-investor owned and are governed by policyholders.
The merger will affect over 600,000 members of Blue Cross and Blue Shield of Oklahoma, the state’s oldest and largest private health insurer. The Oklahoma Insurance Department will continue to maintain regulatory authority over the business of Blue Cross and Blue Shield of Oklahoma, said State Insurance Commissioner Kim Holland.
Brian Kennedy, treasurer for HCSC, said the plan would also allow Blue Cross and Blue Shield of Oklahoma to continue local presence and service.
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