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Zoom Health Plan to shutter insurance biz

The Oregon Department of Consumer and Business Services said Zoom Health Plan Inc. will submit a plan to wind down its insurance business, effective Dec. 31.

The state Division of Financial Regulation placed Zoom Health Plan under supervision to oversee the company's plan to shutter the business.

The company, which serves fewer than 2,000 members in individual and small group plans, also intends to withdraw from the individual and small group insurance markets in 2018. All current individual and group insurance policies will be canceled, effective Dec. 31.

Zoom Health Plan determined that it was not in its best interest to continue its insurance business after attracting a small number of enrollees since it began offering health plans in 2016, according to information posted on the division's website.

Zoom+ Care began offering insurance plans through a separately created company in 2016.