Iowa regulator takes control of struggling insurer - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa regulator takes control of struggling insurer

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DES MOINES, Iowa (AP) -- A nonprofit health insurer has been taken over by Iowa's insurance regulator and is ending enrollments after suffering financial problems.

Insurance Commissioner Nick Gerhart's office said that the 120,000 members of CoOpportunity Health in Iowa and Nebraska may find it in their best interests to find new carriers by February 15th. That's the deadline for enrolling in 2015 coverage under the Affordable Care Act.

CoOpportunity was created under the law and sold policies through Iowa's online exchange.

Gerhart petitioned a judge Tuesday to appoint him as rehabilitator of the company, citing its hazardous financial condition. That means he's assumed management and has to come up with a rehabilitation plan or liquidate its assets.

CoOpportunity Health is suffering from the loss of expected federal money and "extremely high health care utilization."

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