Managers of Colorado Health Insurance Cooperative (the Colorado HealthOP), a nonprofit, member-owned health insurer, announced Monday that they have sued to keep state insurance regulators from shutting the company down.
Alicia Wallace of the Denver Post later reported, however, that the managers went into a closed hearing and came out saying they will work with the Colorado Division of Insurance to help shut the Colorado HealthOP down.
Wallace quotes Julia Hutchins, the chief executive officer of the Colorado HealthOP, as saying that there will be no further hearings on the matter.
Representatives from the Colorado HealthOP were not immediately available to comment on the Denver Post account.
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Officials at the Colorado Division of Insurance (DOI) said in a statement that they look forward to working with the Colorado HealthOP to wind down its operations.
“The DOI will be working through all of the details in the coming days and weeks,” officials said.
The Rocky Mountain Farmers Union Educational and Charitable Foundation used a $69 million loan from the Patient Protection and Affordable Care Act (PPACA) Consumer Operated and Oriented Plan (CO-OP) program to start the Colorado HealthOP.