Post-Hearing Report and Summary and Consultants’ Evaluations of Horizon Healthcare Services, Inc.’s Application for Mutualization & Reorganization.Order In The Matter Of: Application By Horizon Healthcare Services, Inc, To Form A Mutual Holding Company Pursuant To N.J.S.A.All public information related to the application and approval, including all public comment received on the application, as well as the documents listed below are available at: nj.gov/hschearings/ The department publicly released the nonconfidential elements of the application, consistent with the provisions of Chapter 145. In order to promote additional protections, the department has imposed conditions on the approval that Horizon must meet so that the intent of the law is maintained into the future,” said Commissioner Marlene Caride. “It is important to note that under the law, the company must maintain its mission as a charitable and benevolent institution, and the state Attorney General has confirmed that any nonprofit mutual holding company formed under the law remains subject to its oversight.” “As required under the law, the department conducted a comprehensive review of Horizon Blue Cross Blue Shield of New Jersey’s plan to reorganize as a mutual holding company and determined that it met the requirements for approval. The department completed its comprehensive review of the application and supporting documentation submitted by Horizon (also known as Horizon Healthcare Services, Inc.), as well as the public testimony from the three open public hearings, written public comments, and the entire record of the proceeding, and, analyses by consultants engaged by the department, and determined that the reorganization and mutualization of Horizon met the criteria under state law for approval. The application was approved under criteria outlined in State law (P.L 2020 c.145), which states that the Commissioner shall approve a plan of mutualization and reorganization unless the Commissioner finds the plan: (1) is contrary to law (2) would be detrimental to the safety or soundness of the proposed reorganized insurer and insurance company subsidiaries of the proposed mutual holding company or (3) does not benefit the interests of the policyholders of the health service corporation or treats them inequitably. The approval is subject to 11 conditions imposed by the department to ensure that Horizon operates prospectively in a manner consistent with the objectives of state law, including that Horizon act in the interest of policyholders and maintain financially safe and sound insurance subsidiaries. TRENTON - Today, as required under law, the New Jersey Department of Banking and Insurance approved an application by Horizon Blue Cross Blue Shield of New Jersey to reorganize its corporate structure as a nonprofit mutual holding company. NJDOBI Approves Horizon Blue Cross Blue Shield of New Jersey Reorganization ApplicationĪpproval Sets Forth Conditions Horizon Must Meet to Safeguard Interest of Residents, Policyholders and the Financial Soundness of Subsidiaries Home > Department Press Releases/Newsletters/Reports
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