Changes in Ownership/Purchases/Acquisitions
When an in-force group has been sold, the case should normally be terminated. However, there are a few instances when the new owner may want to continue to offer benefits to the employees. The following information will need to be completed and returned:
- Formal letter briefly outlining the change on company letterhead. Letter should be signed/dated with the appropriate effective date listed.
- Employer Name/Tax ID Change Form - if applicable
- Quarterly wage and tax statements for both the existing group and the newly acquired group.
- Acquisition paperwork/Purchase Agreement
- Employee applications for the newly acquired employees
If no changes are made in enrollment due to the acquisition/purchase, a tax & wage statement may be submitted for current Aetna Company only. Underwriting always reserves the right to request the other information if the paperwork submitted raises any additional questions during review.
Subject to Underwriting approval. Underwriting must be notified of the acquisition within 30 days of the acquisition date in order for membership to enroll. If not submitted within 30 days of the acquisition date, newly acquired members will not be allowed to enroll in the plan until the next renewal date.
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