The State Department of Consumer and Business Services today issued a supervisory order over Moda Health, saying the Portland-based insurer has inadequate capital to continue operating in 2016.
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.
Continuation of its business, the order says, “is hazardous to the public or to its insureds.”
The department will post a senior financial examiner on site at Moda to take charge of all Moda’s financial decisions and sign off on any material transactions. Under the order, Moda cannot issue new policies or renew current policies in the individual market and cannot add new groups