NJ – Governor Seeking Increased Control over Horizon BCBS
May 2017 ~
New Jersey Governor Chris Christie is actively pursuing more state oversight of the state’s largest health insurer, Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ), following reports that the nonprofit insurer declined the state’s request to add $300 million to its addiction-treatment fund.
The request for increased oversight stems from accusations that Horizon BCBSNJ executives have personally gained from funds that are intended to support state programs.
In response, it has been proposed that the state’s Department of Banking and Insurance have increased visibility and control over Horizon BCBSNJ’s finances, add state-appointed members to the company’s board and require the company disclose executive and lobbyist salaries and bonuses.
The Governor is also requesting that the Horizon BCBSNJ deposit profits that exceed reserves to remain in good standing with the Blue Cross Blue Shield Association into a revolving account for health services for low-income residents.
Source(s): HealthcareDIVE; The Wall Street Journal; Horizon Blue Cross Blue Shield of New Jersey; Horizon Foundation for New Jersey;