Former NJ DOBI Commissioner, Holly Bakke:

“I have continued to follow Governor Christie’s proposal to take ​a portion of ​Horizon’s reserves ​since writing my March 14 editorial on the subject. His February demand that Horizon give $300 million annually of its $2.4 billion reserve to expand addiction treatment has now been taken up by the legislature. Taking a portion of Horizon’s reserves exposes 3.8 million ​insured to unnecessary risks and ​undermines ​the policyholder protection mandate of insurance regulators. The insurer’s reserves are consistent with industry standards, are smaller on a risk-adjusted basis than those of most other state Blue Cross Blue Shield insurers and meet New Jersey’s solvency requirements that are predicated on consumer protection. Meaningful public hearings, independent of DOBI, should be held, before any further legislative action.”