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WellCare's FL Office Raided by Feds

According to the Miami Herald Online:

Federal authorities searched the headquarters of Florida's largest provider of managed healthcare for the poor Wednesday and trading of its stock was suspended, but nobody would say why the company is being targeted.

More at the MH here.

The New York Insurance Department's latest examination of WellCare (dated August 2006 and covering the period ending December 2004) is here.

The WSJ notes the impact on WellCare's stock price:

WellCare Health Plans Inc.'s market value was cut by more than half when the stock reopened Thursday following news of a government raid of the managed-care provider's Florida headquarters.

The Connecticut Insurance Department has already moved to figure out where it could put WellCare's enrollment if the plan ends up dropping its Connecticut offering, says Newsday:

HARTFORD, Conn. - Connecticut officials said Thursday they are contacting three managed health care companies to determine if they can cover more than 35,000 needy children and some parents in case a Florida firm drops its coverage.

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