| In the Matter of Disclaimer of Control in relation to the Acquisition of PACIFICARE OF WASHINGTON, INC., A Registered health maintenance Organization. | ) ) ) ) )) |
No. G 99 - 55 NOTICE OF HEARING |
| TO: | Christopher P. Wing, President |
| PacifiCare of Washington, Inc. | |
| Post Office Box 9005 | |
| Mercer Island, Washington 98040 |
| Jean Margo Reid | |
| Sr. Vice President and General Counsel | |
| Sanford C. Bernstein & Co., Inc. | |
| 767 Fifth Avenue | |
| New York, New York 10153-0185 |
Sanford C. Burnstein & Co., Inc. filed its disclaimer of control as to the identified Washington domestic insurer in anticipation of its acquisition of 10% or more of the voting stock of PacifiCare Health Systems, Inc.
The acquisition of a domestic Washington insurance company is
controlled by Chapter 48.31B RCW. RCW 48.31B.005 establishes a
presumption of control "if a person, directly or indirectly,
owns, controls, holds with the power to vote, or holds proxies
representing, ten percent or more of the voting securities of any
other person."
YOU ARE HEREBY NOTIFIED that a hearing will be held commencing
Friday, January 28, 2000, at 10:00 a.m. in the 2nd Floor
Conference Room at 420 Golf Club Road, Lacey, Washington 98503,
to consider all appropriate action concerning the proposed
acquisition of PacifiCare of Washington, Inc. as described in the
Disclaimer of Control attached to this notice as Exhibit A.
The hearing will be held under the authority granted the
Commissioner by RCW 48.02.060(3) and RCW 48.31B.025(11).
The basic facts relied upon are those set forth in the Disclaimer
of Control filed with the Commissioner. The complete Disclaimer
of Control will be made part of the record of the hearing.
The Commissioner has not taken, and will not take, any position
on this matter prior to entry of the hearing order.
All parties may be represented at the hearing. They may examine
witnesses and fully respond and present evidence and argument on
all issues involved, as required by the Administrative Procedure
Act. The hearing will be governed by the Administrative
Procedure Act, Chapter 34.05 RCW, and the model rules of
procedure contained in Chapter 10-08 WAC. A party who fails to
attend or participate in any stage of the proceeding may be held
in default in accordance with Chapter 34.05 RCW.
The Commissioner will be represented by James Tompkins, Assistant
Deputy Commissioner.
Deputy Insurance Commissioner James T. Odiorne has been
designated to hear and determine this matter. His address is
Office of the Insurance Commissioner, Post Office Box 40259,
Olympia, Washington 98504-0259. His telephone number is (360)
407-0420.
ENTERED AT OLYMPIA, WASHINGTON, this 14th day of December, 1999.
| DEBORAH SENN Insurance Commissioner |
|
| By: | |
| JAMES T. ODIORNE, CPA, JD Deputy Insurance Commissioner Company Supervision Division |