State regulators are not required to allow the intervention of nonparties in evaluating a proposed transaction between insurance companies under the Insurance Holding Company Act, the Commonwealth Court has ruled, approving the process used by the Dept. of Insurance in an ongoing acquisition.
In a Jan. 14 ruling, a two-judge majority affirmed an order from Insurance Commissioner Michael F. Consedine, denying intervention requested by policyholder companies who protested the acquisition. The court also said because the petitioners were not entitled to intervention, they were rightly denied access to confidential documents on the parties to the transaction.
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