MANAGED HEALTH CARE
GROUPS REACH ACCORDPORTLAND, Ore. - Clackamas-based PACC has reached a merger agreement with Foundation Health Systems Inc., a California managed health care company that is nearly 50 times PACC's size. The complex deal is expected to create Oregon's fourth-largest charitable foundation.
The bulk of the purchase price will be used to create the nonprofit Northwest Health Foundation, to be chaired by former Sen. Mark Hatfield.
In addition, PACC will merge with its former rival, Qual-Med Oregon Health Plan Inc.
COST INSURER $13 MILLION
OKLAHOMA CITY - A publicly traded Oklahoma insurance company has been ordered to pay nearly $13 million to a Michigan trucking company for violating securities laws and giving executives unjustified bonuses.
Jurors deliberated six days before reaching the verdict Wednesday, ending a six-week civil trial in Oklahoma City federal court against Chandler Insurance Co. Ltd.
CenTra Inc., a nationwide trucking company based in Warren, Mich., sued on its own behalf as a major shareholder in the insurance company and for shareholders in general.
Chandler Insurance, a Cayman Islands holding company, employs about 350 people at its central operations in Chandler.
BILL BARS DISCRIMINATION
BASED ON GENETIC TESTING
RALEIGH, N.C. - Insurance companies and employers could not use genetic testing information to discriminate against health insurance customers or employees under a bill tentatively approved in the state Senate.
Sen. Fountain Odom told senators that genetic testing can show a tendency to develop certain cancers and other diseases.
The bill, he said, ''will encourage people to get genetic testing done.''
The testing can help people spot cancer or other diseases early and begin getting treatment.
A federal health bill that takes effect July 1 bars discrimination based on genetic testing.
Senators delayed a final vote after some members sought assurances that the bill would not bar insurance companies from refusing coverage or increasing premiums for people already getting treatment.
LONDON - Millenium Petrochemicals Inc., a wholly owned subsidiary of Millenium Chemicals Inc., announced the settlement of long-standing litigation with various insurance companies arising out of an explosion and fire at its Morris, Ill., plant in 1989.
The settlement, which covers Millenium Petrochemicals' business interruption claims resulting from the incident, aggregates $83.6 million, of which about $34.6 million was received as a partial payment in 1993. The balance of $49 million will be received over the next two months. Millenium Petrochemicals' property damage insurance claims arising out of the same incident were settled in 1992.
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