TRENTON – A bill sponsored by Senators Loretta Weinberg and Bob Gordon which would amend State statute regarding the process for Horizon’s conversion from a not-for-profit health care insurance provider to a domestic stock insurer was approved by the Senate Commerce Committee today by a vote of 3-0, with two abstentions.
“As the largest health insurer in the State of New Jersey, Horizon Blue Cross Blue Shield is responsible for providing access to care for millions of State residents,” said Senator Weinberg, D-Bergen, and Vice Chairwoman of the Senate Health, Human Services and Senior Citizens Committee. “Any conversion of Horizon from a non-profit to for-profit status could have drastic and far-reaching consequences on the availability and accessibility of care in New Jersey. We must tread very carefully in allowing Horizon to convert to for-profit status, and we must ensure that New Jersey’s Horizon subscribers are not put in jeopardy to benefit the bottom line of a health care corporation.”