Assurant Inc. (NYSE:AIZ), a company made up in part of insurance companies that helped create the modern U.S. major medical market, says it will stop taking applications for new individual major medical coverage, short-term health insurance and insured group coverage June 15.
The company’s insurance units will withdraw from the Patient Protection and Affordable Care Act (PPACA) public exchange system in 2016.
See also: Assurant dishes on PPACA effects
Assurant says it will make good on obligations related to in-force coverage.
“The company will meet all claims, benefits, provider payments and agent commission responsibilities during these transitions,” the company says. “There will be no changes to Assurant Health policies or benefits currently in effect.”
Assurant included that pledge today in a description of its plans for getting out of the medical insurance business. The company announced it was leaving the health insurance and employee benefits markets in April.