Dr. Peter Beilenson has resigned as CEO of Evergreen Health as the company entered court-ordered receivership.
Beilenson had founded the insurer as an Affordable Care Act co-op. He attempted to take the company private as part of a bid to save it from unaffordable risk adjustment payments, but lost the investors when this year’s risk adjustment payments came back too high.
Evergreen was placed in receivership to ensure the policyholders could still make claims. Members have been encouraged by the Maryland Insurance Administration to continue to make premium payments.
Last week, Circuit Court Judge Yolanda Tanner signed an Order of Rehabilitation by Consent, formally placing the company into receivership.
Risk & Regulatory Consulting, LLC will serve as the court-appointed receiver. The Connecticut-based consulting firm specializes in insurance cases.
Insurance Commissioner Al Redmer has said he hopes Evergreen’s assets can be used to entice new investment or insurance companies to expand into Maryland, with Evergreen providing existing infrastructure.