Health First

State moves to start shutting down Evergreen Health after buyer backs out

State moves to start shutting down Evergreen Health after buyer backs out

The Maryland Insurance Administration plans to ask a judge to appoint a receiver to take over Evergreen Health and gradually close down the health insurer unless another investor or buyer emerges.

Maryland Insurance Commissioner Al Redmer Jr. confirmed the plan Thursday, a day after a group of investors that had planned to acquire Evergreen said they were backing out of the deal.

Evergreen was one of 23 consumer oriented and operated health plans, or co-ops, created nationwide under the Affordable Care Act to offer more options for individuals buying insurance through the online marketplaces the law created. But another provision of the law known as Obamacare proved its...

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