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Senators press regulator on $600 million Horizon conversion payment and guaranty coverage for school claims
Summary
Lawmakers asked the Department of Banking and Insurance about oversight of a roughly $600 million payment tied to Horizon Blue Cross Blue Shield’s conversion and whether guaranty associations can help school districts facing legacy claims after insurers went out of business.
Senators questioned Commissioner Justin Zimmerman on May 1 about two related oversight concerns: the roughly $600 million one-time payment tied to Horizon Blue Cross Blue Shield’s change in corporate form and how state guaranty associations may assist public schools facing legacy liability claims where the insurer no longer exists.
On the Horizon payment, Zimmerman said the department conducted an extensive review under chapter law 145 and issued an order that included 11 conditions when it approved Horizon’s conversion to a mutual holding…
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