DFS Approves Cigna Corporation’s Acquisition of Medco Containment Insurance Company of New York Subject to Key Conditions and Ongoing Oversight to Protect New Yorkers
On November 21, 2018, DFS noticed a public hearing on the Proposed Acquisition of Control, pursuant to Financial Services Law §§ 304-a, 305 and 306, and Insurance Law § 1506. Since that time, DFS has received only one request to testify, and one written comment letter. DFS has carefully and thoroughly examined the entire record of information, including the representations made by the Applicants and other relevant parties, and the requirements of the Insurance Law and Financial Services Law. In addition, DFS has raised with the Applicants certain concerns about the Cigna/Express Scripts Merger, and DFS has obtained substantial commitments from the Applicants to address those concerns. As a result of this review and given the specifics of the Application before DFS, the Superintendent has determined that (i) the Hearing scheduled for January 10, 2019 will not be necessary and (ii) the interests of the People of the State of New York are best served by approving the Proposed Acquisition of Control with the commitments that DFS has obtained from the Applicants, which are conditions to this approval, along with DFS’s ongoing regulatory oversight.