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Senators press insurance commissioner on fund transfers and $600M Horizon conversion funds
Summary
Lawmakers questioned Commissioner Justin Zimmerman about large transfers among state health funds, a projected exchange trust fund surplus, and the status/oversight of roughly $600 million tied to Horizon Blue Cross Blue Shield's conversion; Zimmerman said Treasury collects conversion funds and funds are statutorily dedicated, but senators asked for follow-up with Treasury.
Senators used the Department of Banking and Insurance's budget hearing to press for details about how state health funds are being managed and to seek clarity about a roughly $600 million payment tied to Horizon Blue Cross Blue Shield's conversion.
Senators noted the Health Insurance Affordability Fund is slated to collect roughly $213,000,000 and was projected to have a FY25 ending balance near $182,000,000 but would be drawn down by an estimated $125,000,000 under the current plan. One senator said prior transfers have been used to cover…
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