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May 27, 2016 at 07:00 AM
A state court judge in Columbia, Ohio, has given Mary Taylor, the Ohio insurance director, permission to liquidate Coordinated Health Mutual Inc., the state’s Consumer Operated and Oriented Plan (CO-OP) carrier.
See also: NAIC sets up CO-OP solvency arm
Founders used loans from the Patient Protection and Affordable Care Act (PPACA) CO-OP program to start the company. It now has about 22,000 enrollees.
The Ohio Life & Health Insurance Guaranty Association will help protect up to $500,000 of a policyholder’s claims, officials say.
“Our examination of the company’s financials made it clear that the company’s losses would prevent it from paying future claims should its operations continue,” Taylor said about the decision to liquidate in the middle of the year.
