NJ Citizen Action: Horizon bill amendments fall short, conversion plan is a loss for the people of NJ

“Competing Senate and Assembly amendments released to select people 36 hours ahead of Monday’s hearing on the Horizon restructuring bill fall short of ensuring assets and residents are fully protected. And, no time is being given to fully consider them. Rushing this through Assembly Financial Institutions, Senate Commerce and Appropriations committees in the next two days is both undemocratic and irresponsible. Hearings already held have been conducted heavily in Horizon’s favor, with only company lawyers consulted rather than an actual charitable trust lawyer or the Attorney General (AG), despite requests from consumer advocates. As the state’s premier expert on the issue and the overseer of charitable assets the AG must be consulted. More time must be given for all stakeholders and legislators to fully understand and consider a bill of this magnitude.

Supporters of the bill have created a false sense of urgency and artificial deadlines that appear to only benefit Horizon’s corporate interests. One of those corporate interests include changing the law that requires them to pay year end surplus dividends to their policyholders, and instead redirects the policyholders’ money to the state to fill general budget gaps, not earmarked for health care. The amendments fall short in guaranteeing the charitable mission and assets of the company will be protected moving forward.  Without further changes and enough time to consider them, this bill is a clear loss for the people of New Jersey to the tune of billions of dollars. We strongly oppose this bill before the Legislature today.”

-Maura Collinsgru, NJCA Health Care Program Director