Deavila, Public Information Officer
RELEASE– September 25, 2015
Nevada Division of
Insurance Files Petition for Receivership
Carson City – On September 25, 2015, the Nevada Division of
Insurance (“Division”) filed a petition in the Eighth Judicial District Court in
Clark County to place the Nevada Health CO-OP (NHC) into a conservation/rehabilitation
receivership. If the Court grants the petition, the Commissioner of Insurance
will become the Receiver of the insurance company.
Because of the financial
challenges faced by the CO-OP due to a very competitive health insurance market,
in August, the CO-OP voluntarily suspended the sale of its health insurance
plans for the remainder of 2015 and 2016. It subsequently presented a wind down
plan to the Division for review. This review has raised concerns about the
CO-OP’s ability to successfully manage, account for, and meet its obligations
through the end of 2015 on its own.
“This type of receivership will
allow the Commissioner to formally oversee the CO-OP in the conservation of its
assets, distribution of funds, and the further administration of its operations
so that CO-OP members continue to receive the benefits of their plans,” said
Acting Insurance Commissioner Amy Parks.
The CO-OP’s management is fully
cooperating in this next step of the wrap up of its operations in its continuing
goal to do what is in the best interests of its members. Members can still see
their providers using their 2015 plan benefits and continue to get the
healthcare they need.
Click here to view a file
stamped copy of the petition.
About the Nevada Division of
The State of Nevada Division of
Insurance, a division of the Nevada Department of Business and Industry,
protects the rights of Nevada consumers and regulates Nevada’s $11.9 billion
insurance industry. The Division of Insurance has offices in Carson City and
Las Vegas. In 2014, the Division investigated more than 2,800 consumer
complaints and recovered nearly $4 million on behalf of consumers. For more
information about the Division of Insurance, visit DOI.NV.GOV or download the
Division’s smartphone app NDOI Connect today in the Apple App Store and Google