Horizon Blue Cross Blue Shield withdraws application to become for-profit

Horizon Blue Cross Blue Shield has withdrawn its application to switch from a non-profit to a for-profit health insurer.

The Department of Banking and Insurance stated Wednesday it received a letter from Horizon that the company would withdraw its application.

Horizon, which is the state’s largest insurance company, had originally filed in August 2008 to make the switch to for-profit.

A Horizon media spokesman said late Wednesday the company would have no further comment on the decision.

The company has approximately $3.6 million members.

Horizon Blue Cross Blue Shield withdraws application to become for-profit