RALEIGH, N.C. (AP) — The North Carolina legislature gave final approval Tuesday to a bill allowing the state’s leading health insurance provider to restructure despite criticisms from the state insurance commissioner that it would erode his regulatory authority and undermine his ability to protect consumers. The measure, which permits Blue Cross and Blue Shield of North Carolina and a dental insurance provider to transfer assets into a parent holding company, cleared the Senate 41-5 Tuesday after passing the House with similar bipartisan support earlier this year. Shepherded through the legislature by Republicans and one top Democrat, the bill now heads to the desk of Democratic Gov. “At the present time, Blue Cross is operating at a disadvantage in the market,” Senate leader Phil Berger said Tuesday after the vote. “I have no ability to hold them accountable on what they do with the holding company once that money is taken out of Blue Cross the insurance company,” Causey told The Associated Press after the vote.

Source: The North Africa Journal May 31, 2023 04:51 UTC