A non-profit co-op health insurance company that was suspended in July by the Connecticut Insurance Department (CID) due to hazardous financial standing will likely face liquidation by the end of the year, it has been reported.
In a Superior Court filing, CID commissioner Katharine Wade stated that further attempts to rehabilitate HealthyCT would be futile and would substantially increase the risk of loss to the companys creditors, policyholders, and the public, Westfair Communications reported.
The company is spending more each month for medical claims and pharmacy prescriptions than the premium it collects, Wade wrote. Operating expenses on top of the medical and …
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