The Oregon Department of Consumer and Business Services moved to place Portland, Ore.-based Zoom Health Plan in receivership April 21.
Here are five things to know.
1. State regulators made the decision after they discovered an inconsistency in Zoom's financial reporting, according to a Portland Business Journal report.
2. DCBS spokeswoman Lisa Morawski told Portland Business Journal regulators have "been on site working with the company and became aware of a material difference between what was in their financial statement and their actual financial condition. The discrepancy raised enough questions to have us go into receivership. It's hard to say if we would have taken the step otherwise."
3. The state was supervising Zoom following its decision to exit the individual and small group markets next year. The health plan announced its exit April 5.
4. A judge signed a request for DCBS Director Patrick Allen to become the health plan's receiver, according to the report. Mr. Allen said the move aims to protect Zoom's less than 2,000 individual and small group health plan members and ensure claims are paid. Zoom said it has $9 million in reserves to pay for claims.
5. All policies will end Dec. 31. However, the health plan's ZoomCare health clinics will not be affected by the decision.