Minuteman Health of Massachusetts and New Hampshire has been placed in state receivership because of lack of capital, after the co-op announced in June that it was planning to leave Obamacare exchanges next year.
Gary D. Anderson, the Massachusetts commissioner of insurance, said in a statement that the action was done to protect holders of policies as well as health providers.
The commissioner noted that the co-op remains solvent and has enough money to pay all its insurance claims, according to the statement.
Some of Minuteman Health's directors and officers are trying to put together a new Massachusetts health insurer, the statement said.
If Minuteman creates a new company, it would not be required to follow Obamacare rules.
"Offering our members a quality, more affordable coverage option has been Minuteman's mission from day one. We want to continue that mission in 2018 and beyond through the new company we are currently working to organize," Tom Policelli, the co-op's CEO, said in June.
Minuteman's statement said the co-op was leaving Obamacare because of problems with Obamacare's risk adjustment program, as well as Obamacare laws that focused on co-ops.
"New Hampshire residents who have health insurance through Minuteman Health can expect they will be covered through the end of 2017," Roger Sevigny, New Hampshire insurance commissioner, said in The New Hampshire Union-Leader.
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