{"id":93598,"date":"2018-05-12T15:11:46","date_gmt":"2018-05-12T19:11:46","guid":{"rendered":"http:\/\/madisoncountycourier.com\/?p=93598"},"modified":"2018-05-11T11:03:01","modified_gmt":"2018-05-11T15:03:01","slug":"ny-attorney-generals-office-requests-public-comments-as-part-of-review-of-fidelis-sale","status":"publish","type":"post","link":"https:\/\/madisoncountycourier.com\/?p=93598","title":{"rendered":"NY Attorney General\u2019s Office requests public comments as part of review of Fidelis Sale"},"content":{"rendered":"

\"\"NY Attorney General\u2019s Office requests public comments as part of review of Fidelis Sale<\/strong><\/p>\n

Acting New York Attorney General Barbara Underwood announced today a request for public comment as part of the office\u2019s review of the $3.75 billion sale of substantially all of the assets of the New York State Catholic Health Care Plan, Inc. d\/b\/a Fidelis Care New York (\u201cFidelis\u201d) to Centene Corporation (\u201cCentene\u201d). Most of the proceeds of the sale will be used to create an endowment for the new Mother Cabrini Health Foundation.<\/p>\n

\u201cThis will be the largest charitable transaction in the history of the Attorney General\u2019s office,\u201dActing Attorney General Underwood\u00a0said. \u201cOur office is committed to ensuring that the new foundation continues Fidelis\u2019 critical mission of providing safety net health care to vulnerable New Yorkers. We have already undertaken significant measures to assure continued access to quality, affordable health care, and encourage New Yorkers to make their voices heard during this comment period.\u201d<\/p>\n

In April 2018, the New York State Department of Health and the New York State Department of Financial Services approved transfer of the managed care plans owned and managed by Fidelis to Centene Corporation, a for-profit company.<\/p>\n

Under the Not-for-Profit Corporation Law, the proceeds of the sale of charitable assets belong to the charity and must be used to further its charitable mission. The Attorney General is responsible for reviewing the transaction to determine whether the price and terms of the sale are fair and reasonable, and whether the purposes of the charity will be promoted by the sale.<\/p>\n

The Charities Bureau has been conducting an extensive review of the Fidelis petition under Section 511-a of the Not-For-Profit Corporation Law.\u00a0\u00a0The petition is now being made available for public comment through\u00a0May 23, 2018\u00a0at\u00a0https:\/\/ag.ny.gov\/Fidelis<\/a>.<\/p>\n

Because of Fidelis\u2019 important role in providing safety net health care for New Yorkers, the Attorney General\u2019s office has secured a number of commitments from Centene as part of her office\u2019s review of the sale. Those commitments include requiring Centene to:<\/p>\n