Florida’s Department of Financial Services on Friday asked a judge to allow a takeover of the troubled Physicians United Medicare Advantage HMO.
The DFS filed a petition in Leon County Circuit Court to place the Orlando-based plan into receivership because it is insolvent. The company’s May financial statement reported assets of $92.4 million, while liabilities amounted to $105.3 million.
Kevin McCarty, Florida’s Commissioner of Insurance Regulation, requested in a letter to Chief Financial Officer Jeff Atwater this week that delinquency proceedings be initiated against the 8-year-old company known as PUP.
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