McKeon on Committee Passage of Horizon Reorganization Bill

(TRENTON) – The Assembly Financial Institutions and Insurance Committee released a bill Monday, 9-2-2, 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.

Upon passage of the bill (A-5119) through committee, Chairman and sponsor John McKeon (D-Essex, Morris) issued the following statement:

“Today was another step in permitting Horizon Blue Cross Blue Shield of New Jersey to be able to take advantage of innovations and medical advances enabling them to better support the well-being of their members and stabilize premiums.

“This reinforces their long-standing not-for-profit mission, insures the strictest of scrutiny by the Department of Banking and Insurance as well as the Attorney General, and guarantees they will not seek to become a venture that puts profits over people.”

The bill now heads to the Assembly Speaker for further consideration.