Horizon Blue Cross Blue Shield of New Jersey is the state’s largest health insurer.
In a move that will dramatically change the corporate status and corporate actions of the state’s largest health insurer, Horizon Blue Cross Blue Shield of New Jersey, legislation was introduced Monday that would make it possible for the company to become a not-for-profit mutual, putting it in a position to increase investments in new technologies and innovations.
The legislation, which was introduced by Assemblyman John McKeon (D-Madison), establishes a process through the Department of Banking & Insurance that would enable the change. It quickly earned the support of state Senate President Steve Sweeney (D-West Deptford), seemingly indicating it will move through the Legislature easily.
The new corporate form would preserve Horizon’s obligation to operate for the benefit of its members and its historic not-for-profit status. It is unclear when the legislation will be put up for a vote.
Horizon Chairman, CEO and President Kevin Conlin, in a prepared statement, said the move will benefit Horizon’s members and is necessary to keep up with the times, as it will allow Horizon to make greater investments in new technologies.