The State Department of Consumer and Business Services forced Portland’s Moda Health out of the market today due to insufficient capital.
The department is requiring Moda, the state’s largest provider of insurance to individuals, to raise more capital and to transfer its individual market plans to another carrier, according to its 60-day Order of Immediate Supervision.
The action came about because of “Moda’s excessive operating losses and inadequate capital and surplus,” or the amount by which its assets exceed its liabilities, according to DCBS.
(READ MORE: Portland Business Journal)
Alaska also booted Moda Health out of the market on Thursday, according to Alaska Dispatch News.