Blue Cross NC seeking legislative action to create nonprofit holding company

Blue Cross and Blue Shield of North Carolina is backing bills in the North Carolina Legislature to allow the payer to move some of its assets to a nonprofit holding company, Business North Carolina reported March 13. 

The bill would allow the insurer to operate some of its business with fewer state regulations. 

The payer says it needs more flexibility in its investments to remain competitive with insurance giants like UnitedHealth Group and CVS Health. 

David Lamb, Blue Cross NC's managing counsel, told Business North Carolina the legislation would allow the payer to "to invest in new opportunities with more speed and agility, to more efficiently deploy capital across the organization, so it's available to make strategic investment without unnecessary regulatory lag, and also to partner with third parties when it makes sense to do that." 

Read more here. 

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