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Business News

Connecticut Insurance Commissioner Divests Cigna Stock

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Ken Teegardin flickr.com/photos/teegardin
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Creative Commons
The commissioner must rule shortly on Cigna's proposed merger with Anthem, a $54 billion deal.

Connecticut's Insurance Commissioner has sold off stock she held in Cigna, her former employer. 

A spokeswoman for Katharine Wade confirmed to The Connecticut Post that the commissioner no longer has common stock and investments in a 401k she held with Cigna.

The commissioner must rule shortly on the company's proposed merger with Anthem, a $54 billion deal. Wade has been criticized for refusing to recuse herself from the case.

In addition to her own previous employment with the health insurer, Wade's husband also works for Cigna, and her mother was on the payroll there.

Attorney General George Jepsen has said he won't get involved in making any regulatory decisions on Cigna because his wife is an employee.

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Credit Governor Dannel Malloy
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Office of Gov. Dannel Malloy
Connecticut Insurance Commissioner Katharine Wade was nominated by Governor Dannel Malloy earlier this year.

Meanwhile, the U.S. Justice Department has delayed its expected ruling on the merger of health insurers Aetna and Humana. The DOJ said it's seeking more information on the $37 billion deal before it can rule on possible anti-trust issues.

The request means a 30-day waiting period automatically resets.

Physicians and patients groups have raised concerns that big mergers in the health insurance industry will raise prices and cut down on choice.

The Justice Department is also considering the intended merger of Anthem and Cigna.

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