Evergreen Health has been placed into receivership after an investment group pulled out of a deal last week to shore up the embattled insurer’s balance sheet.
Maryland Insurance Commissioner Al Redmer petitioned The Baltimore City Circuit Court this week for an order to place the Baltimore insurer into receivership — a kind of bankruptcy — and rehabilitation with the company’s consent. Baltimore City Judge Yolanda Tanner signed the order placing Connecticut-based professional services firm Risk & Regulatory Consulting LLC to take over business operations of Evergreen Health as the company winds down or seeks a new acquirer.
The firm will take possession of Evergreen and continue serving the carrier’s remaining 25,000 policyholders under the supervision of the court.
The state’s insurance administration announced last week it was prohibiting Evergreen from selling new insurance in the state, and from participating in the 2017-18 open enrollment season that starts in November. The…Read the full story from the Washington Business Journal.