Post by Logan on Feb 9, 2016 3:02:55 GMT -6
Moda Health will be allowed to resume operating its health insurance business in Alaska and Oregon following an agreement that the company raise at least $179 million in capital this year, the Alaska Division of Insurance announced Monday.
“They’ve taken the high road and said, ‘We’re going to do everything we can to make this work,’” said Lori Wing-Heier, director of the division.
The announcement that Moda will stay in Alaska follows less than two weeks after Wing-Heier said that the Portland, Oregon-based health insurance company didn’t have enough capital to safely operate in the state in 2016. At the end of 2015, Moda reported a net loss of $58 million.
Robert Gootee, chief executive officer of Moda’s parent company, Moda, Inc., said on Jan. 28 that the company would exit Alaska and Oregon’s individual health insurance marketplaces.
Read more: www.adn.com/article/20160208/moda-health-gets-ok-operate-alaska-it-raises-capital
“They’ve taken the high road and said, ‘We’re going to do everything we can to make this work,’” said Lori Wing-Heier, director of the division.
The announcement that Moda will stay in Alaska follows less than two weeks after Wing-Heier said that the Portland, Oregon-based health insurance company didn’t have enough capital to safely operate in the state in 2016. At the end of 2015, Moda reported a net loss of $58 million.
Robert Gootee, chief executive officer of Moda’s parent company, Moda, Inc., said on Jan. 28 that the company would exit Alaska and Oregon’s individual health insurance marketplaces.
Read more: www.adn.com/article/20160208/moda-health-gets-ok-operate-alaska-it-raises-capital