Money Short, Colorado Health Insurance Cooperative To Shut Down
The move to begin ceasing operations comes after an unsuccessful eleventh-hour appeal to get permission to sell 2016 insurance policies. The Colorado Division of Insurance says the insurer doesn't meet the state's capital reserve requirements.
The Denver Post:
Colorado HealthOP Out Of Options, Will Begin Shutting Down
Troubled nonprofit insurer Colorado HealthOP on Monday sued for the right to continue selling policies in 2016 as it explored solutions to its financial problems. But at the eleventh hour — and after a closed-door court hearing from which reporters were removed — the low-cost insurer said it will begin shutting down. HealthOP filed a request in Denver District Court seeking to reverse a decision by state regulators to remove the co-op from Connect for Health Colorado, the state health-insurance exchange. (Wallace, 10/19)
The Associated Press:
Colorado Health Insurer Unsuccessfully Challenges Closure
Colorado's largest nonprofit health insurer went down swinging Monday, trying but failing to challenge a state decision to close it because of precarious finances. Colorado HealthOP, a nonprofit insurer set up under the federal health care law, unsuccessfully challenged the decision in a closed-door, two-hour hearing. (Wyatt, 10/20)