Health Care

Blue Cross NC restructure fast-tracking through legislature

North Carolina Insurance Commissioner Mike Causey talks to reporters about a bill that would let Blue Cross Blue Shield of North Carolina reorganize, Monday, April 24, 2023, at the Albemarle Building in Raleigh, N.C. (AP Photo/Hannah Schoenbaum)

North Carolina lawmakers are fast-tracking a proposal to restructure the state’s largest insurance provider, Blue Cross Blue Shield of North Carolina, from a nonprofit to an entity that supporters say puts it on a more even playing field with for-profit competitors.

The House passed the bipartisan but controversial bill Thursday that would allow Blue Cross NC to transfer cash, investments, or equity ownership interests to a parent holding company that could buy for-profit subsidiaries without needing regulatory approval — a dramatic change in corporate structure for the 90-year-old company.

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