The California Department of Insurance has given its approval for the Doctors Company medical malpractice insurer to acquire federal probe target SCPIE Holdings Inc. after the state Attorney General's Office indicated the deal would not unbalance the state market.
“During the review, concerns were expressed that this transaction would lessen competition in medical malpractice insurance in California,” noted the department's general counsel, Adam Cole.
Mr. Cole said Insurance Commissioner Steve Poizner had retained Attorney General Jerry Brown's office to address the competition issue and render an opinion. State officials in the course of their investigation determined that SCPIE is currently the target of a federal probe.
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