New Jersey: Dept. of Banking & Insurance deems Horizon BCBS of NJ reorganization application complete

via the New Jersey Dept. of Banking & Insurance:

TRENTON —The New Jersey Department of Banking and Insurance today announced that it has determined that Horizon Blue Cross Blue Shield of New Jersey’s application to reorganize its corporate structure as a nonprofit mutual holding company is complete.  The application is available at: nj.gov/hschearings/ along with information on how to register to attend upcoming public hearings. 

The department will hold three public hearings on the plan to form a mutual holding company as required by statute (P.L. 2020 c. 145). 

“As part of the public hearing process, Horizon Blue Cross Blue Shield of New Jersey will present an overview of their plan to reorganize as a mutual holding company,” said Commissioner Marlene Caride. “The public will have multiple opportunities to share comments on the application and plan through one in-person hearing, two virtual sessions as well as the submission of written comments.” 

Public hearing information can be found below: 

• Public Hearing 1: October 6, 2022, 11:00 AM, NJ Department of Banking and Insurance, 20 West State Street, Trenton, NJ  
• Public Hearing 2: October 11, 2022, 6:00 PM, Virtual Hearing  
• Public Hearing 3: October 17, 2022, 1:00 PM, Virtual Hearing  

Thirty days following the last hearing, the Commissioner is required to either approve or disapprove the plan of mutualization and reorganization. Specifically, the law 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. 

To view the application and learn more visit: https://nj.gov/hschearings/