U.S. Sen. Frank Lautenberg (D-N.J.) today said he is considering introducing a bill to give federal oversight to the nation's nonprofit Blue Cross operations. Fallout was growing after a report the CEO of New Jersey's largest health insurer was compensated nearly $9 million last year. Horizon Blue Cross Blue Shield of New Jersey CEO William Marino's package of pay...
U.S. Sen. Frank LautenbergU.S. Sen. Frank Lautenberg (D-N.J.) today said he is considering introducing a bill to give federal oversight to the nation's nonprofit Blue Cross operations.
Fallout was growing after a report the CEO of New Jersey's largest health insurer was compensated nearly $9 million last year.
Horizon Blue Cross Blue Shield of New Jersey CEO William Marino's package of pay and bonuses was up 59 percent in a year when premiums increased. The Asbury Park Press first reported the figures.
Since then, state lawmakers have called for hearings into pay for executives at the nonprofit health insurer.
Meanwhile, the company is reiterating that it doesn't intend to become a for-profit insurer.
Previous coverage:
• Horizon Blue Cross plans to go public are on hold amid scrutiny of CEO pay
• May 20: N.J. Senate leader seeks hearings on hefty compensation for Horizon executives
• May 18: Horizon Blue Cross Blue Shield of N.J. chief made $8.7M in '09
• Aug. 16, 2008: Horizon Blue Cross Blue Shield seeks for-profit status