Bright Health Group's financial headaches are worse than previously known, as Florida regulators revealed the company has been under supervision for six months and unable to spend money without clearance from the Sunshine State.
Florida placed Bright Health under supervision in September—which requires the company to obtain permission for transactions exceeding $10,000—but first publicized the action on March 1 while extending the order until May 1 and adding restrictions related to executive pay.
Through the new order, Florida also reserved the right to place the company in receivership. The insurer's subsidiary in the state faced a $130 million funding shortfall at the end of 2022, according to financial information submitted to Florida officials.
