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Muoio Statement on Horizon Legislation

Assemblywoman Elizabeth Maher Muoio (D-Mercer/Hunterdon) released the following statement Monday on the pending legislation that would affect Horizon Blue Cross Blue Shield:

“While I have great respect for the drafters of this legislation, my concern regarding the current proposal lies with New Jersey’s 3.8 million Horizon policyholders.

“If reserves are considered to be in ‘excess,’ our first obligation should be to those who paid into those reserves, not taking their hard-earned dollars to create a special fund for whatever projects the Department of Banking and Insurance deems fit at the time.

“Allowing this would essentially amount to a tax solely on Horizon policyholders to fund state initiatives.”