Assemblyman Tim Eustace (D-Bergen/Passaic) on Friday railed against Gov. Christie’s proposal to raid Horizon Blue Cross Blue Shield’s reserves:
“For some reason the Governor wants to do for Horizon what he has done for Atlantic City, public worker pensions, and the State of New Jersey – make them less solvent. But he thinks we should feel better about this latest move because he won’t actually be in the governor’s chair when New Jersey’s largest insurer inevitably has its credit downgraded.
“His proposal to give future commissioners unfettered access to raid reserves and thereby raise policy premiums every year should be a non-starter.”