Consumer groups can’t stop N.J. from letting Horizon operate like a for-profit company, court says

that allowed the state’s largest health insurance carrier — the not-for-profit Horizon Blue Cross Blue Shield of New Jersey — to operate more like a for-profit company.

The healthcare worker union, Health Professionals and Allied Employees, the consumer advocacy group Citizen Action New Jersey and the public interest law firm New Jersey Appleseed sued six months ago to overturn the decision by the Department of Banking and Insurance to allow Horizon to change its corporate structure.

The lawsuit accused Banking and Insurance Commissioner Marlene Caride of rushing the approval process and not requiring more from Horizon to make good on its pledge that the company’s 3.6 million policy holders would be protected from steep premium hikes and that the company’s charitable assets would be protected.

Get politics news like this right to your inbox with the N.J. Politics newsletter. Add your email below and hit"subscribe"If you purchase a product or register for an account through one of the links on our site, we may receive compensation.

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

One of the Biggest Cases of the Supreme Court’s Term Is Rooted in a LieThe court is likely going to end affirmative action, but nothing in either affirmative action case is firmly about … affirmative action.
Source: Slate - 🏆 716. / 51 Read more »