Something is wrong with how Florida regulates health insurance.
On Friday, the Office of Insurance Regulation announced that it will permit the state’s largest private health insurer to reorganize in a way that ultimately takes power away from policyholders. Florida Blue, formerly known as Blue Cross/Blue Shield of Florida, will move $1.6 billion of its $2.8 billion surplus into a new, for-profit company. Florida Blue got everything it wanted except permission to sell stock in the new company, and Florida Blue could get that permission later.
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