Horizon represents one in three New Jersey residents.
did not adequately protect the interests of Horizon’s 3.6 million policy holders when it approved the $13 billion insurance company’s corporate reorganization last month, according to a lawsuit consumer advocates and a labor union filed on Tuesday.
“We’re filing this suit to protect the insurer, to ensure the entity’s charitable assets are properly used and protected, and to protect millions of New Jersey health care policyholders,” said Maura Collinsgru, Director of Policy and Advocacy for New Jersey Citizen Action. The health professionals union and Citizen Action, which are covered by Horizon, contend Caride did not dig deep enough to verify Horizon’s claims that policy holders would not see premiums rise as a result of the change. How could Horizon so easily part with $900 million from its reserve without there being an impact on policy holders, the lawsuit asks.
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