Missouri says Aetna takeover of Humana anti-competitive

11 months 3 weeks 6 days ago May 25, 2016 May 25, 2016 Wednesday, May 25 2016 Wednesday, May 25, 2016 3:25:45 PM CDT in News
By: The Associated Press

JEFFERSON CITY (AP) — Missouri's insurance department has dealt a setback to a proposal by the nation's third-largest health insurer to buy another insurance company.

State Insurance Director John Huff says Aetna's planned purchase of Humana would sap competition from an already concentrated market.

Huff issued a preliminary order Tuesday that would bar the companies from selling three types of insurance across the state after the acquisition, and prohibit sales of another insurance product in most areas.

The companies have 30 days to submit a new plan to Missouri's insurance department.

Aetna's purchase of Humana is still awaiting approval by the U.S. Department of Justice.

Aetna says the preliminary order in Missouri should not affect the Justice Department's approval process, and the company will continue working with Missouri regulators to address the concerns.

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