March 5, 2003
Sean Caine, 410-576-6357
GENERAL APPLAUDS PROCESS, COMMISSIONERS
DECISION IN PROPOSED CAREFIRST SALE
General, J. Joseph Curran, Jr., announced today his support of Maryland
Insurance Commissioner Steven B. Larsens decision to reject
the application of CareFirst, Inc., the States largest heath
insurer, to convert from a non-profit to a for-profit company and
to be acquired by WellPoint Health Networks, Inc. of California.
commend the extraordinary work performed by Commissioner Larsen,"
Attorney General Curran said. "The Commissioner conducted a
fair, thoughtful, and comprehensive evaluation of the proposed transaction."
November 2001, the Attorney General called for further examination
of the proposed transaction and vowed to work with other State officials,
including Commissioner Larsen, responsible for protecting charitable
assets as well as the public.
prevailing concern has been whether this deal would be in the interest
of all Marylanders. Commissioner Larsens investigation and
subsequent report make it clear that it would not," Curran
Attorney General noted that he will continue to support the General
Assemblys efforts to ensure that CareFirst is responsive to
the healthcare needs of Maryland citizens.
insures nearly one out of every two Maryland citizens who have health