Flint, Mich.-based HealthPlus Insurance, one of the largest nonprofit health insurers in the state, has been placed under state financial supervision, according to a Crain's Detroit Businessreport.
The Michigan Department of Financial and Insurance Services placed the health insurer under supervision due to its negative surplus of $4.8 million in 2014 "that lowered its reserves below the required state minimum," according to the report.
The health insurer is looking for a financial partner, and the state insurance department will monitor its progress in that endeavor.
Andrea Million, public information officer for the Michigan Department of Financial and Insurance Services, told Crain's the director of the department has given HealthPlus 60 days "to make material progress with another party to consummate a transaction."
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