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January 18, 2008 at 11:59 AM
A Merrimack County, N.H., state court will be supervising the liquidation of a small New Hampshire health insurer, officials say.
The New Hampshire Insurance Department placed the insurer, Patriot Health Insurance Company, Manchester, N.H., in rehabilitation in December 2007.
MVP Health Insurance Company of New Hampshire, Bedford, N.H., a unit of MVP Health Care Inc., Schenectady, N.Y., assumed the policies and operations of Patriot later that month, officials say.
Patriot organizers started the company in 2005 to serve the market for account-based health plans. In the end, the company was providing coverage for 6,500 individuals. New Hampshire regulators placed the company into rehabilitation because it was suffering operating losses, officials say.
The liquidation of Patriot “does not affect health care claims incurred on or after Jan. 1, 2008, on policies transferred to MVP,” New Hampshire officials say.
Individuals and companies with non-insurance claims incurred before Dec. 12, 2007, such as insurance agents and brokers seeking commission payments, will have to line up with the other creditors to see whether Patriot has enough assets to pay them, officials say.
