BALTIMORE — Maryland regulators are barring Evergreen Health from making payments or transferring assets without approval.
The Maryland Insurance Administration said in a statement Thursday that its order is a preliminary step to an anticipated receivership for the company after investors told officials they wouldn’t acquire it. Officials say it’s also a response to Evergreen’s financial position.
The startup health maintenance organization began as a nonprofit and was working to become a for-profit company. Insurance Commissioner Al Redmer Jr. says in a statement that officials tried to keep Evergreen in the market, but the order had to be issued to protect consumers.
Evergreen provides insurance to approximately 25,000 Maryland residents. It’s prohibited from selling or renewing any insurance policies.
Evergreen won’t be listed for the open enrollment period that starts Nov. 1.