Testimony regarding proposed legislation to permit the Department of Banking and Insurance to consider an application by Horizon Blue Cross Blue Shield of New Jersey to restructure to a not-for-profit mutual holding company continued before the Assembly Financial Institutions and Insurance Committee on Thursday.
Upon conclusion of the hearing, committee Chairman John McKeon (D-Essex, Morris), who sponsors the bill (A-5119) along with Assembly members Joann Downey (D-Monmouth), Robert Clifton (R- Burlington, Middlesex, Monmouth, Ocean), Robert Auth (R-Bergen, Passaic) and Benjie Wimberly (D-Bergen, Passaic), issued the following statement:
“As the health care industry changes, we must make certain that Horizon Blue Cross Blue Shield of New Jersey is put on an equal playing field. We must allow this institution to reorganize so that it may make the investments it needs in order to provide the highest quality care and stabilize premiums for the 3.6 million New Jerseyans it insures.
“I want to emphasize again that this bill does not change Horizon’s oversight or charitable mission in any way and specifically prevents conversion to a private, for-profit company.”