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Member, Beacon International Group, Ltd.
Florida has been supervising Bright Health Group Inc.’s operations in the state since last fall and plans to continue until at least May 1, Becker’s Payer Issues reports. Under a supervision order extension filed March 1 by Florida's insurance office, Minneapolis-based Bright is not allowed to spend more than $10,000 on anything without the state's approval and it has to pay for an on-site state employee who has "complete and unrestricted" access to the insurtech's financial records, bank accounts, and physical assets. In 2022, the company reported a net loss of $1.4 billion and ended most of its insurance business by exiting the ACA market and Medicare Advantage outside of California.