Health insurance giant Florida Blue, one of the state’s largest employers and political donors, wants to restructure itself, but critics warn the move could create a conflict between turning a profit and the obligation to provide low-cost insurance to its 4 million policy holders.
The Office of Insurance Regulation held a public hearing Thursday in Miami on Florida Blue’s bid to switch from a not-for-profit mutual insurance company to a not-for-profit mutual insurance holding company. Florida Blue is a political powerhouse with nearly $5 million in campaign contributions during the 2012 election, including $2.4 million to the Republican Party of Florida and nearly $700,000 to the Florida Democratic Party, according to state campaign finance reports. The Jacksonville-based company employs 9,500 in Florida.
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