MIAMI - Health insurance giant Florida Blue wants to restructure its company, but critics warn the move could create a conflict between turning a profit and its obligation to provide low-cost insurance to its 4 million policy holders.
The Office of Insurance Regulation will hold a public hearing in Miami on Thursday night on Florida Blue's bid to switch from a not-for-profit mutual insurance company to a not-for-profit mutual insurance holding company.
Company CEO Pat Geraghty says the move will allow Florida Blue to expand its assets outside the insurance industry and give more flexibility in anticipation of the Affordable Care Act.
But critics say it's just a bid to become a publicly traded company and boost executives' pay.
Florida Blue is a political powerhouse with nearly $5 million in campaign contributions during the 2012 election.
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